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The Sui price slumped 9% in the last 24 hours to trade at $2.03 as of 3.20 a.m. EST on trading volume that surged 44% to $1.39 billion.
The SUI price plunge came amid recent allegations of insider trading. The project debunked the $400 million insider trading claims, saying that the sales have come from an infrastructure partner.
The project insisted that no insiders, employees, or SUI investors have engaged in any preemptive selling of the coin or the violation of its supply schedule.
The price drop came despite some positive developments lately. Yesterday, major crypto exchange BitGo announced new asset support for the Sui Network ecosystem, with custody for two new assets, DeepBook (DEEP) and Sui Naming Service (NS), that could bring more traffic and activity to the project’s network.
🚨 New Asset Support 🚨
We’re pleased to expand our support for the @SuiNetwork ecosystem with custody for two new assets: Sui Naming Service $NS and DeepBook $DEEP.
Here’s what you need to know 👇🧵 pic.twitter.com/7dwcG2CmMJ
— BitGo (@BitGo) October 15, 2024
Other than that, Sui itself announced that it will join the ETH Sofia Hackathon with Walrus Protocol. It said that it will showcase the power of Walrus and how it is shaping the future of decentralized storage.
We’re thrilled to announce that Sui and @WalrusProtocol are part of the #EthSofia Hackathon! Get ready as we showcase the power of Walrus and how it's shaping the future of decentralized storage!
📅 Join us at #SuiConnect: EthSofia for networking, drinks, and good vibes.
Don’t…
— Sui (@SuiNetwork) October 16, 2024
The project also announced yesterday that it had reached another massive DeFi milestone, surpassing 21 billion in volume thanks to the DEXes on its network.
Sui Price Prediction
After seeing its price drop over the past 24 hours, SUI has seemingly reached a bottom at the price of $2. Since then, Sui has seen some signs of recovery, although it appears that the traders still do not feel confident enough to make use of the recent dip to buy the token at a lower price.
SUI’s Bollinger bands have seen a sharp narrowing in the last several hours, but they are giving signs of widening again, which could mean that the project might start a stronger recovery in hours to come. Its price climbed from the lower band to the upper one briefly, slightly expanding the space between the two before dropping to the middle point in an attempt to find stability.
While this cannot be considered a strong bullish signal, it is more optimistic than continuous price drops.
The project’s RSI has shown that the bulls did increase their activity slightly in the last few hours, compared to what was seen previously. In the last two days, the RSI mostly fluctuated around the neutral zone, going down to the value of 40 and up to the value of over 60.
However, in the last 24 hours, it was delving deep into the oversold territory, only for a recovery to lead to the value of 50. This finally changed earlier today when the RSI ventured back to 60 again, but the price, which only climbed to $2.05, was quick to drop once again.
For the moment, many are likely still waiting for the allegations surrounding SUI to die down, or for new information to come to life. In other words, traders are waiting to see what happens before they proceed.
Promising Alternative To Sui
With doubts around the Sui situation right now, investors might consider the new presale Flockerz (FLOCK), which has created a revolutionary Vote-To-Earn (V2E) model for its token.
It’s designed to incentivize investors to participate in project governance and decisions. While the ability to join the governance was a part of the crypto industry for years thanks to its decentralized nature, many have lost interest in participating.
Flockerz wants its community to have a reason to act, which is why it offers rewards for holders who vote on key decisions.
This dedication to decentralization inspired many to join the project’s presale and buy its native token, FLOCK.
Another thing that’s luring investors is the token’s staking yield, which stands at an eye-popping 2,351% annually.
Popular YouTuber ClayBro, who has over 130k subscribers, says that the demand and hype surrounding the project might lead to 100x gains after it launches.
As for its presale, Flockerz has raised over $733k so far, while its token sells for only $0.005793. You can buy it with ETH, USDT, BNB, or credit/debit cards.
With a price hike due in less than 3 days, don’t wait too long to secure the best deal.
Visit the official FLOCK website here.
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