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The Sui price plunged 11% in the last 24 hours to trade at $1.71 as of 3 a.m. EST on trading volume that surged 9% to $1.4 billion.
The token’s price has been trading against the market over the last few days, going higher and higher until it reached the resistance at $2
That was driven by several positive developments announced lately, such as Atoma bringing decentralized AI to Sui, and using its fast consensus and cheap transaction fees.
The move is said to have the potential to enable various possibilities for applications building on Sui to integrate open source AI models with verifiability guarantees.
Atoma is bringing decentralized AI to Sui, utilizing its fast consensus and cheap transaction fees!
This enables countless possibilities for applications building on Sui to integrate opensource AI models with verifiability guarantees.
Atoma can be used to generate code, mint… https://t.co/iPxBJDon2P
— Sui (@SuiNetwork) October 4, 2024
Other than that, Sui also said that it had become the first Layer-1 project to run SCION, which is currently in testnet, and which acts as a stronger alternative to the routing and forwarding protocols in today’s internet. The move is expected to improve Sui’s security and resilience.
🛡️Sui has become the first Layer-1 project to run SCION (now in Testnet), a stronger alternative to the routing and forwarding protocols in today's Internet, improving Sui's security and resilience.
🔒SCION protects Sui validators against many attacks that are possible on the…
— Sui (@SuiNetwork) October 3, 2024
However, the project was still rejected after climbing high during the bearish market, causing it to correct to $1.60. Since then, it has been fluctuating between this support and a resistance at $1.70.
Sui Price Prediction
While SUI’s price drop was sharp and deep, a recovery is already on the horizon, as the project saw its dip just as the bearish sentiment was ending. The market is once again starting to trade in the green on hourly and daily chart, with Bitcoin being 0.53% up in the past 24 hours.
SUI is currently pushing against the resistance at $1.70, although it might take a bit longer to break it. The token’s Bollinger bands have narrowed significantly, and the price has been fluctuating between the upper band and the middle point between the two bands over the past six hours or so.
This suggests that there is a conflict between the bulls and the bears, but the price performance has been bullish overall.
Similar performance was recorded when it comes to the project’s Relative Strength Index (RSI), which has been moving between the overbought zone and the neutral zone, going from 50 to 70 and back again several times in the past six hours.
This shows that the traders are hesitant to go all in, and are selling as soon as the RSI reaches the critical value of 70 and touches the overbought zone. In other words, investor confidence is low, and the buyers are very much aware of the risks, but they see the current volatility as an opportunity to make small profits multiple times in quick succession.
If the bulls manage to take over the wider market, SUI is likely to follow now that the fundamental factors influencing its price performance have seemingly been exhausted, at least for the time being.
Promising Alternative To Sui
Investors seeking alternatives might consider Crypto All-Stars (STARS), which is not only a meme coin, but a project that might bring massive changes to how meme coin staking works.
The token has introduced a new type of smart contract for staking that allows users to stake multiple cryptos, and they are all major meme coins.
Not only does this enable multi-crypto staking in the same place, but it also focuses on the meme coin sector, allowing it to progress with a new sector-wide utility.
It is a great choice of a project for those with large meme coin portfolios, as it lets you stake all of your coins in one place. DOGE, BRETT, TURBO, PEPE, FLOKI, and many more can be staked on the platform.
The project is positioning itself as the center of meme coin staking, and its potential has enabled its presale to raise over $1.97 million already.
ClayBro, a YouTuber with over 130k subscribers, says investors ”absolutely need to check this one out.”
The STARS token sells for $0.0014828 and it can be bought with ETH, USDT, BNB, FLOKI, SHIB, DOGE, PEPE, or your credit/debit card. Buy before a price hike in less than 3 days for the best deal.
Visit the official STARS website here.
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