SUI market watch – Identifying if its August gains are aping Solana’s
The post SUI market watch – Identifying if its August gains are aping Solana’s appeared on BitcoinEthereumNews.com.
SUI has topped the crypto market by gains for the month of August SUI set to replicate Solana’s success in early days as TVL noted steady growth The crypto market rebounded strongly after the 5 August crash triggered by Japan’s stock market downturn. Despite initial deep losses, however, major cryptocurrencies have since recovered. In fact, according to CoinMarketCap, the top five gainers in August are as follows – Sui (SUI) surged by 68.65%, Helium (HNT) rose by 49.27%, Aptos (APT) gained 32.29%, Toncoin (TON) increased by 26.28%, and Fantom (FTM) rounded out the list with a 26.13% hike. Source: CoinMarketCap This recovery highlights the resilience and ongoing strength of the SUI network which makes it a good opportunity to invest in for long term gains. SUI is emerging as a strong contender among Layer 1 (L1) blockchains for this cycle, similar to how Solana ($SOL), Avalanche ($AVAX) and Fantom($FTM) dominated the last cycle. In fact, the SUI ecosystem seemed to show significant potential for a parabolic rise. Key factors include robust technology, backing from top industry players, consistent Total Value Locked (TVL) growth, and listings on major exchanges. Here, it’s worth pointing out that the current trajectory of SUI mirrors Solana’s early days – A sign that it could replicate Solana’s success. That’s not all either as some analysts are projecting potential 2500% gains for SUI. They are doing so by looking at Solana’s initial performance and identifying that SOL’s 2-day market cap chart mirrored SUI/USDT’s 2-day price chart. Source: TradingView Total crypto market cap on the weekly chart forms a doji At the time of writing, the total crypto market cap chart revealed Doji candles forming for consecutive weeks, signaling a balance between buyers and sellers and a potential trend change. After capitulation, the market tested and untested demand,…
Filed under: News - @ August 18, 2024 12:05 am