Sui (SUI) Surges 5% As Market Witnesses Moderate Correction – Will It Hit $2 Soon?
Following a moderate correction in the broader crypto market, Sui (SUI) is making waves as its price sees sudden 5% gains today, January 17.
While the token has been performing excellently well over the past few days, surging over 115% to $1.40 from $0.62 in December, the rally stalled, and SUI reclined to $1.2.
However, in the early hours of today, a new bullish wave kicked in, pushing SUI above $1.32, with a 5% increase from a daily low of $1.26.
While many attribute the surge to a substantial spike in Total Value Locked (TVL), investors are optimistic about a continued ascent, with SUI eventually testing $2.
But can this happen soon? Let's explore the possibilities.
SUI Price ActionOver the past two months, the Sui Network has enjoyed a bullish ride. After a period of slow movement, the coin embarked on an upward movement. Between November 20 and December 22, SUI's price was trading around $0.68 - $0.50.
However, on December 24, the buyers added more momentum, and $SUI surged, increasing by more than 60% to touch $0.92.This parabolic move aligned with the hype around the broader crypto market.
But, still, the vertical spike quickly lost momentum, and $SUI lost some gains, declining to a low of $0.70, about a 30% decrease.
The coin remained this way till the first week of January 2024 before increasing 72% to $1.42, following a dramatic surge that began on January 10. This range allowed SUI to establish a new baseline while preparing its next move.
But SUI once again struggled to exceed resistance around $1.50 during the rally attempt.
It topped out and shed 15% just as quickly, down to $1.23.Despite the volatility in this coin, it's still up by over 115% in the last month. Also, $SUI has recorded an increase of more than 20% in the past seven days. Right now, Sui cryptocurrency is valued at $1.24.
SUI Fight to Build Bullish Traction Following Rally Rejection
Presently, SUI is testing support around $1.20, an area pivotal in preventing further declines. However, if selling overwhelms $1.20, SUI may fall toward the $1.00 to $0.90 zone.
This lower range represents a key area on the chart from where SUI previously saw significant price action.
When assets leave imbalances like gaps in price history, they tend to revisit those areas later on. So, if $1.10 fails, SUI may fill the $1.00 - $0.90 imbalance before finding buyers.
On the positive side, SUI still trades above its 50-day simple moving average, currently around $0.82.This key average should act as support on any extended pullbacks, helping slow selling momentum.
Additionally, SUI's RSI reading sits at 66 after the swift spike upward. This shows that SUI rapidly entered overbought territory on its sharp climb. In all, while SUI shows short-term weakness after its rejected rally, some key levels offer foundations if declines worsen.
However, until SUI can build sustainable upside momentum, risks remain elevated.
SUI Network TVL Hits New High - What's Next?Sui's total value locked (TVL) has increased significantly over the past year. In mid-2023, the TVL was below $12 million, but just a month into 2024, it has soared past $360 million.
Although SUI's TVL is still below giants like Ethereum and BSC, it has surpassed some notable players.
This just in - Sui flipped #BTC in TVL and now ranks 13th among all chains, per @DefiLlama!
Sui broke through the $300M mark in the process, just 48 hours after passing $250M.
It's no surprise when you see some of the incredible milestones Sui DeFi builders are achieving.
pic.twitter.com/4bdPO8st40
- Sui (@SuiNetwork) January 14, 2024
For instance, Bitcoin's TVL currently stands at $298.8 million, making SUI's TVL significantly higher than that of Bitcoin.This significant increase in TVL demonstrates the network's maturity and could positively impact SUI's price.
An increased influx of liquidity into the SUI network may attract more investors, potentially fueling an uptrend for the SUI coin.
SUI Alternative, Sponge V2, Captures Massive Attention
Investors looking to diversify with coins with high upside potential may consider Sponge V2 as a worthy SUI alternative. Even though it's new in the crypto space, Sponge V2 is already making waves.
As an upgraded version of the well-known meme coin Sponge (SPONGE), Sponge V2 has the potential for greater success than its predecessor.
Moreover, Sponge V1 grew rapidly to $100 million in market cap after a few days of launch, fetching massive gains for early investors. However, unlike Sponge V1, Sponge V2 isn't just a valueless meme token.
It has a gaming feature that allows users to compete in races to earn rewards.
It also uses a staking model, where token holders can earn attractive APY by locking their SPONGE coins.The staking system has big potential, giving those who stake their tokens a good yearly return for the next four years. This makes SPONGE tokens more useful for owners.
Also, there is a stake-to-bridge feature that allows holders of the original V1 token to move to Sponge V2 by staking their SPONGE coins.
We were just getting started with Sponge V1. Don't miss your chance to join #SpongeV2!
Proven 100x potential
Get ready to absorb more DAMP!
#Web3 #Crypto #AltcoinSeason pic.twitter.com/4YghSPit8e
- $SPONGE (@spongeoneth) January 18, 2024
Over 5.1 billion V1 tokens are already staked in the platform, and more could be underway, given the popularity.
Sponge V2 has received endorsement from notable crypto personalities, including YouTuber ClayBro, with over 116 subscribers, who believe it to be among the top coins to invest in 2024. Visit the official website and purchase SPONGE coins using USDT, ETH, or a bank card.
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