Join Our Telegram channel to stay up to date on breaking news coverage
The Sui price pumped 4% in the last 24 hours to trade at $2.72 as of 12:22 a.m. EST on trading volume that surged 112% to $2 billion.
This surge comes after World Liberty Financial announced a partnership deal to integrate SUI into its strategic token reserve and explore new blockchain applications.
Sui Price Analysis: Descending Wedge Signals Potential Reversal
The SUI price has been forming a descending wedge pattern, a bullish reversal structure characterized by converging trendlines and decreasing price volatility.
This pattern has been developing since mid-January 2025, with the Sui price consistently making lower highs and lower lows, but with a decreasing slope on the downside.
Currently, the price of Sui is trading around $2.72, slightly below the 50-day Simple Moving Average (SMA) $2.7491. The wedge structure is narrowing, suggesting that a breakout is approaching, according to GeckoTerminal data.
The recent swings marked by points A, B, C, and D indicate potential exhaustion of the bearish trend, increasing the probability of a bullish breakout.
Meanwhile, the Relative Strength Index (RSI) is at 51.01, showing neutral momentum but with a slight bias toward the upside. It is hovering near the mid-level (50), suggesting that the bearish trend is losing strength.
The Moving Average Convergence Divergence (MACD) is showing early signs of bullish divergence, with the MACD line (blue) crossing above the signal line (orange).
This suggests that momentum is shifting in favor of the bulls, reinforcing the possibility of a breakout.
SUI Price Prediction
The descending wedge is a bullish pattern, and a confirmed breakout above the $2.75 – $2.80 resistance zone could push the price of Sui toward $3.00 – $3.50 in the short term.
The next major resistance would be around $4.00, where previous support turned into resistance.
On the downside, if the SUI price fails to break out and continues within the wedge, it may retest the lower boundary near $2.30 – $2.40 before making another attempt to break out.
Meanwhile, investors are buying a new Solana meme coin called Solaxy (SOLX), which popular YouTube channel 99Bitcoins, with over 725K subscribers, says has the potential to soar 100X post-launch.
Solaxy Presale Races Toward $26 Million
Solaxy has surged past $25.2 million mark in its presale, bucking the downtrend affecting major cryptocurrencies.
The new Layer-2 project is catching the interest of investors looking for solutions to Solana’s scalability challenges.
Solaxy positions itself as the first dedicated Layer-2 solution for Solana. The project aims to solve real infrastructure challenges facing the Solana network while maintaining a meme-style vibe.
🚨 Solaxy is now live in Upcoming Tokens! 🚨@SOLAXYTOKEN gives holders an opportunity to join the first-ever Solana Layer 2 blockchain.
Solaxy is set to enhance blockchain innovation through limiting congestion, reducing failed transactions, and improving scalability on SOL.… pic.twitter.com/satNF6zFNF
— Best Wallet (@BestWalletHQ) December 17, 2024
Solaxy processes transactions off the main Solana chain by bundling them together and settling them in batches.
This approach reduces congestion during high-traffic periods – an issue that has challenged Solana during meme coin trading frenzies.
Solaxy also offers an attractive staking opportunity for SOLX holders, with an annual yields of 162%.
Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens for $0.001656 each using BNB, ETH, USDT, or a bank card.
Buy before a price hike in about 9 hours to lock in the best deal.
Related News
- Trump Family’s World Liberty Financial Buys WBTC, ETH, MOVE Worth $21.5M
- DOGE Drops 5% As Investors Flock To This Meme Coin Index ICO
- Bitcoin Price Prediction: As Investors Flock To This ICO Offering Free Bitcoin
Best Wallet - Diversify Your Crypto Portfolio
- Easy to Use, Feature-Driven Crypto Wallet
- Get Early Access to Upcoming Token ICOs
- Multi-Chain, Multi-Wallet, Non-Custodial
- Now On App Store, Google Play
- Stake To Earn Native Token $BEST
- 250,000+ Monthly Active Users
Join Our Telegram channel to stay up to date on breaking news coverage
