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Sui Community’s (SUI) tried restoration rally seems to be breaking down, following a double-barrelled rejection from the descendant decrease trendline – leaving disparate bag-holders asking is Sui Blockchain going to zero?
The +40% restoration rally was triggered by a bounce off decrease trendline help on August 17, and noticed SUI value surge throughout 7-days to reclaim the 20DMA and hit an area excessive at $0.60.
Nonetheless, whereas the SUI token has struggled to carry out in a uneven market local weather, the brand new layer-1 (which goals to ship higher-speed smart contracts) has seen fixed progress and growth throughout the ecosystem.
Certainly, the Sui blockchain is present process immense progress – with lively accounts nearly doubling within the final week.
SUI Value Evaluation: Is Sui Blockchain Going to Zero?
Amid the rejection, SUI continues to be buying and selling excessive within the channel, at a current market price of $0.52 (representing a 24-hour change of -3%).
This comes following two failed exams of topside resistance from the higher trendline (which has haunted value motion since June).
Critically, the latest rejection has seen a tumble beneath the one just lately reclaimed 20DMA, this weakens SUI’s technical construction on the short-time body and suggests draw back strikes are doubtless.
Worse nonetheless, SUI’s descendant vary seems to be narrowing in a bearish pendant sample.
But, there may be nonetheless some aid to be present in SUI’s indicators, with the RSI displaying an oversold signal at 42 – indicating the capability to push up as soon as extra.
That is matched by the MACD which shows bullish divergence at 0.0028, once more reflecting a possible likelihood for a bounce.
Total, the double rejection from the higher trendline, mixed with the lack of 20DMA help may spell catastrophe for SUI value motion on the short-time body.
Upside focusing on is proscribed right here, on the descendant higher trendline simply above the 20DMA at $0.59 (a doable +11.7%).
Whereas draw back danger additionally stays restricted, with a close-by decrease help degree at $0.50 (a possible -5.35%).
This leaves SUI with a danger: reward ratio of two.19 – a surprisingly good entry regardless of obvious weakening of technical construction.
Nonetheless, whereas SUI remains in troubled waters, good cash have already continued rotating capital into the newest and biggest of On-Chain Summer season – and Sonik coin may very well be the subsequent huge meme coin to blow up.
Is Sonik Coin the Subsequent Large Meme Coin to Explode With $750K Raised in Presale?
Sonik Coin ($SONIK), which isn’t solely making waves in crypto markets, but in addition racing – with the audacious purpose of exploding when the presale ends in simply 6 days.
And given the present trajectory, this aspiration could quickly be a actuality – as this rockstar presale has surged to a jaw-dropping +$759,000 raised in lower than per week.
However what has received markets so excited concerning the unlikely Sonik coin? The reply is within the APY – let’s dig down into this additional.
Sonik Presale ‘Gotta Go Quick’ as Traders Flood-in to Declare 209% Staking APY
An intriguing 50% of the mammoth 300 billion $SONIK provide has been allotted for early traders, making it a limited-time golden alternative.
With every token priced at a meager $0.000014, fans have the right entry level, particularly earlier than its much-anticipated debut on Uniswap post-presale.
This decentralized change is a powerhouse, and $SONIK’s presence there’ll undoubtedly amplify its visibility manifold.
However Sonik Coin is extra than simply one other meme coin, the staking APY of an astounding 209% speaks volumes about its potential returns.
Staking not solely provides an avenue for passive revenue, however its inclusion additionally showcases the workforce’s dedication to longevity and stability.
The concept? By staking, holders are inspired to carry onto their tokens for extra prolonged intervals, thus mitigating risky value swings and cementing a agency basis for regular progress.
Sonik Coin Follows in Early Footsteps of PEPE in Pursuit of Viral Success
Now, let’s discuss $PEPE, Pepecoin’s astronomic growth—delivering jaw-dropping returns of over 10,000% to early backers— has set a precedent.
Given $SONIK’s revolutionary staking mannequin and the infectious enthusiasm round its branding (a nod to the ever-popular Sonic the Hedgehog), it is poised for the same, if no more spectacular, trajectory.
The clear, community-centric imaginative and prescient of the Sonik Coin’s founders, paired with its tantalizing staking rewards and the thrill it has already generated, units it aside in a sea of meme cash.
Try the Sonik Telegram and Twitter right here.
If historical past and market patterns inform us something, the early fowl catches the worm. Or on this case, rides the supersonic wave.
Disclaimer: Crypto is a high-risk asset class. This text is offered for informational functions and doesn’t represent funding recommendation. You might lose your entire capital.
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