The post SUI beats Litecoin, targets NEAR: Why the $2.40 level is key appeared on BitcoinEthereumNews.com.

SUI could be gearing up for a breakout as weak hands exit the market. If this happens, a shift in rankings among the top 20 might follow. Sui [SUI] has made a significant impact in the past 30 trading days by surpassing Litecoin [LTC] in market cap. Its growing user base has certainly fueled this upward trend.  However, a recent weekly pullback of over 3% has landed SUI on the top losers chart. This divergence prompted analysts at AMBCrypto to examine whether the recent pullback was a deliberate attempt to shake out weak hands, setting the stage for a stronger push that could close SUI near $2.40. If so, a rebound could cost NEAR its position as the 17th biggest crypto by market cap; otherwise, Litecoin appears poised to reclaim its spot. SUI hits a transactional milestone Interestingly, SUI has demonstrated strong upward potential over the past two months. Despite the bearish cycles, the bulls have managed to prevent any retracement, maintaining the last support level at $0.53. Trading at $2.06 at press time, SUI has shown impressive gains in a short timeframe. This surge was marked by a significant peak, with the RSI reaching overextension.  However, despite this concern, the token has maintained its upward trajectory, experiencing only minor hiccups, strategically smoothed out by bullish support. This momentum is bolstered by the network’s design, which aims to address traditional blockchain shortcomings by enabling faster transactions without congesting the network.  Achieving 270K TPS, SUI has resonated well with crypto users, boasting a remarkable $6 billion in transactional volume. This success propelled SUI to an ATH of $2.40 just a week ago. However, as this price range indicated a potential top, many wallets began offloading their holdings, leading to a significant drop in daily transactions, which fell by half to $20 million.…

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Filed under: News - @ October 20, 2024 9:02 am