Sui Price Prediction: SUI Loses 4% – What's Pushing This Altcoin?

Sui Price Prediction: SUI Loses 4% – What’s Pushing This Altcoin?

Updated: 22 August 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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SUI price at 7:13 am EST is $0.545, with a 4.1% increase in the past 24 hours. After the August 17 sharp price drop in the entire crypto market, SUI shows a more favorable price trend.

However, SUI lost 7.4% of its price gains in the past seven days reflecting the general pullback in the crypto market, which reduced the global market cap to $1.09 trillion from its previous value of $1.21 trillion.

Despite the price gains today, SUI continues to show price volatility on the daily chart as investors struggle to recover from the losses on August 17. The token has remained in a sideways trend since its decline below the $0.558 resistance level on August 17.

However, the $0.427 support has proved critical to preventing further price decline for the asset. The brief rally by the bulls on August 19 stalled at the $0.558 resistance level turning it into a resistance zone.

Despite the Setbacks, SUI is attempting to break above the $0.558 resistance today as the bulls continue to push for further price gains.

Can SUI Overcome $0.558 Resistance?

SUI has tested the $0.558 resistance level on four consecutive days from August 19 until today. The constant pressure from the bulls indicates returning interest in the asset as more traders move into long positions.

The Relative Strength Index (RSI) confirms the rising bullish pressure moving upwards with a value of 43.54 in the neutral zone. Historically, SUI traded above the $0.558 resistance level most weeks before the August 17 decline.

Traders will be optimistic of a break above this level in the coming days for the token to reclaim its former highs since the $0.427 support holds. While the focus is mainly on the buyers to force a rally, the sellers are still active, although the asset has moved to a consolidation phase.

If SUI overcomes its closest resistance, it will likely repeat historical price behavior from June 16-21 since the support level held.

Once the resistance is overcome, traders can open long positions with Take Profit 1 (TP1), the most likely level for the token to attain in the coming days. However, the stop loss should be addressed.

Fastest $100 Million Market Cap Meme Coin in Crypto Space – Sonik

The meme token, Sonik, inspired by Sonic the Hedgehog (a popular TV animated character), has emerged with more earning opportunities, attracting many investors.

It features stake-to-earn functionality, allowing holders to deposit coins in a staking smart contract for enticing rewards.

With a tempting annual percentage yield (APY), the presale has gained momentum and is projected to drive Sonik toward a $100 million market cap. It proudly claims the title of the “world’s first stake-to-speed cryptocurrency.

Sonik Coin allocated 40% of its total supply for community staking rewards, disbursed over four years. With the presale aiming for just around $2 million, early investors can expect a beautiful APY.

Sonik is adopting a unique approach within the meme coin arena. Unlike many 2023 meme coins that openly embrace their lack of utility, Sonik provides a strong incentive for token holders to retain their positions.

This integrated utility ensures its lasting significance in the market, potentially alleviating selling pressure upon its launch on the Uniswap Decentralized Exchange (DEX).

What Heights Could Sonik Hit?

Based on Sonik’s white paper and website, the meme token is among the most favorable meme cryptos 2023.

Its popular theme and meme content gives it a strong foundation. Moreover, its stake-to-earn utility sets it apart, offering long-term relevance, unlike many other meme coins.

Predicting how high this meme token could reach is too early. However, should the meme coin attract massive attention from investors, it could swiftly record a large market cap within two weeks of its launch.

Also, if the listing gains significant traction, the market cap has the potential to surge beyond imagination.