The post SUI surges 49% – Can it overtake Litecoin in the top 20? appeared on BitcoinEthereumNews.com.

SUI has outperformed most coins, securing the weekly top gainer spot. Consequently, it might challenge LTC’s market positioning if the trend holds – what are the odds? Sui [SUI] ended the week as the top gainer among the top 25 tokens, surging 49% to $1.62. Now in 21st place, SUI’s rise has analysts speculating about its potential to replace Litecoin, which gained 8% to $68.49. With SUI aiming for its March ATH of $2.09, the odds of overtaking Litecoin in the top 20 are growing. SUI is defying the odds but there is a catch Source : Coinalyze On the daily price chart, SUI has shown consistent green candles, starting September on a bullish note. Notably, SUI has gained over 100% since then, despite broader market volatility. Meanwhile, LTC bears have thwarted breakouts twice, preventing LTC from rising above $65K. However, following Bitcoin’s upward swing, LTC bulls have retested the $68K ceiling. In summary, LTC has proven more vulnerable to Bitcoin’s movements, while SUI has thrived, suggesting SUI may hold greater future value for stakeholders. However, SUI’s surge throughout September was supported by high trading volume, with the RSI spiking into overbought territory, signaling accumulation. Similarly, the CMF has also surged above its previous resistance. This rate of growth has exceeded that seen when SUI reached its ATH.  In simple terms, high investor interest in SUI coincided with Bitcoin returning to the $64K range, making SUI a more attractive alternative.  If so, this raises questions about SUI’s long-term prospects, challenging the theory of it overtaking LTC. So, was the 49% surge just a momentary rise? The chart hints at possible accumulation As mentioned earlier, SUI’s performance over the past week has secured its position as the top gainer. Surprisingly, this impressive surge was accompanied by increased inflow of SUI into…

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Filed under: News - @ September 23, 2024 2:24 pm