Is Sui Blockchain Going to Zero? SUI Price Falls as Wider Crypto Market Bounces and Sonik Coin Secures $750,000
Sui Network's (SUI) attempted recovery rally appears to be breaking down, following a double-barrelled rejection from the descendant lower trendline - leaving disparate bag-holders asking is Sui Blockchain going to zero?
The +40% recovery rally was triggered by a bounce off lower trendline support on August 17, and saw SUI price surge across 7-days to reclaim the 20DMA and hit a local high at $0.60.
However, while the SUI token has struggled to perform in a choppy market climate, the new layer-1 (which aims to deliver higher-speed smart contracts) has seen constant growth and development within the ecosystem.
Indeed, the Sui blockchain is undergoing immense growth - with active accounts almost doubling in the last week.
SUI Price Analysis: Is Sui Blockchain Going to Zero?
Amid the rejection, SUI is still trading high in the channel, at a current market price of $0.52 (representing a 24-hour change of -3%).
This comes following two failed tests of topside resistance from the upper trendline (which has haunted price action since June).
Critically, the recent rejection has seen a tumble below the only recently reclaimed 20DMA, this weakens SUI's technical structure on the short-time frame and suggests downside moves are likely.
Worse still, SUI's descendant range appears to be narrowing in a bearish pendant pattern.
Yet, there is still some relief to be found in SUI's indicators, with the RSI showing an oversold signal at 42 - indicating the capacity to push up once more.
This is matched by the MACD which displays bullish divergence at 0.0028, again reflecting a potential chance for a bounce.
Overall, the double rejection from the upper trendline, combined with the loss of 20DMA support could spell disaster for SUI price action on the short-time frame.
Upside targeting is limited here, at the descendant upper trendline just above the 20DMA at $0.59 (a possible +11.7%).
While downside risk also remains limited, with a nearby lower support level at $0.50 (a potential -5.35%).
This leaves SUI with a risk: reward ratio of 2.19 - a surprisingly good entry despite apparent weakening of technical structure.
However, while SUI remains in troubled waters, smart money have already continued rotating capital into the latest and greatest of On-Chain Summer - and Sonik coin could be the next big meme coin to explode.
Is Sonik Coin the Next Big Meme Coin to Explode With $750K Raised in Presale?
Sonik Coin ($SONIK), which is not only making waves in crypto markets, but also racing - with the audacious goal of exploding when the presale ends in just 6 days.
And given the current trajectory, this aspiration may soon be a reality - as this rockstar presale has surged to a jaw-dropping +$759,000 raised in less than a week.
But what has got markets so excited about the unlikely Sonik coin? The answer is in the APY - let's dig down into this further.
Sonik Presale 'Gotta Go Fast' as Investors Flood-in to Claim 209% Staking APY
An intriguing 50% of the mammoth 300 billion $SONIK supply has been allocated for early investors, making it a limited-time golden opportunity.
With each token priced at a meager $0.000014, enthusiasts have the perfect entry point, especially before its much-anticipated debut on Uniswap post-presale.
This decentralized exchange is a powerhouse, and $SONIK's presence there will undoubtedly amplify its visibility manifold.
But Sonik Coin is more than just another meme coin, the staking APY of an astounding 209% speaks volumes about its potential returns.
Staking not only adds an avenue for passive income, but its inclusion also showcases the team's commitment to longevity and stability.
The idea? By staking, holders are encouraged to hold onto their tokens for more extended periods, thus mitigating volatile price swings and cementing a firm foundation for steady growth.
Sonik Coin Follows in Early Footsteps of PEPE in Pursuit of Viral Success
Given $SONIK’s innovative staking model and the infectious enthusiasm around its branding (a nod to the ever-popular Sonic the Hedgehog), it's poised for a similar, if not more impressive, trajectory.
The transparent, community-centric vision of the Sonik Coin's founders, paired with its tantalizing staking rewards and the buzz it has already generated, sets it apart in a sea of meme coins.
If history and market patterns tell us anything, the early bird catches the worm. Or in this case, rides the supersonic wave.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.