Kategorie: Altcoin News

• Sui has seen a more than 44% spike in price in the past week and 65% in 30 days.
• Gains come after the Grayscale Sui Trust opened for accredited investors.
• The SUI network’s total value locked has surpassed $1.34 billion.

SUI price has surged by more than 44% in the past week to trade above $1.67. The gains include a more than 65% spike in the past 30 days. This sees the native token of the layer 1 blockchain platform reach highs last seen in early April.

What catalyzed SUI price surge?

Sui has experienced a notable surge in volume after Grayscale announced its Sui Trust was now open to accredited investors.

Daily volume for SUI skyrocketed after the news, and price followed, hitting levels above $1.

Sui’s price rally to above $1.67 has also coincided with a sharp increase in total value locked in various decentralized finance protocols in the Sui ecosystem. OKX Ventures pointed to the Grayscale Sui Trust’s boost to SUI market credibility as institutional interest emerged.

Sui TVL hits $1.3 billion

The bullish sentiment around this outlook is showing in the on-chain activity that has the TVL hitting $1.34 billion.

According to DeFiLlama, Sui’s TVL rose from about $250 million at the start of 2024 to cross $1 billion in May. However, it dropped to $462 million on Aug. 5 amid the cryptocurrency market crash that pushed Bitcoin price below $50k.

Notable though is the spike back to $1 billion and acceleration to $1.34 billion in less than a month. It means a more than 377% spike year-to-date and 47% month-to-date.

Sui’s growing DeFi ecosystem that’s behind this surge include increased adoption for protocols across lending, decentralized exchanges, real-world assets, derivatives and yield.

Navi Protocol has seen its TVL increase 34% month-to-date to over $449 million.

Lending protocols Scallop and Suilend have respective TVL readings of $246 million and $203 million. It represents a 34% and 100% MTD spike respectively.

The post SUI price surges as TVL hits $1.3 billion appeared first on CoinJournal.

• Toncoin rebounds above $5 after Pavel Durov’s release and public reassurance.
• Trading volume has surged by over 148%, boosting interest in both spot and futures markets.
• Resistance at $5.51; a breakout could push TON to its next target of $6.19.

Toncoin (TON), the native cryptocurrency of the Toncoin blockchain, has experienced significant volatility in recent weeks, driven by developments surrounding Telegram and its founder Pavel Durov. After a sharp price drop following Durov’s arrest in France, the coin has rebounded above $5.

With its next resistance level at $6.19, investors are watching closely as technical indicators suggest a short-term bearish sentiment, despite renewed optimism.

Why is Toncoin price rising?

Toncoin faced a tumultuous period following the arrest of Telegram CEO Pavel Durov in late August. The close association between TON and the popular messaging platform resulted in the token shedding over 30% of its value in a matter of weeks, dropping as low as $4.45.

Concerns over the future of Telegram and its potential impact on TON drove much of the downward momentum.

However, recent developments have led to the slight price recovery. Durov’s release on parole and his public statements addressing the arrest have sparked renewed interest in the asset.

In his comments, Durov criticized the French authorities’ approach to his arrest and reassured Telegram’s 950 million users about the platform’s future.

I’m still trying to understand what happened in France. But we hear the concerns. I made it my personal goal to prevent abusers of Telegram’s platform from interfering with the future of our 950+ million users.

My full post below. https://t.co/cDvRSodjst

— Pavel Durov (@durov) September 5, 2024

Durov’s comments, combined with a revamped Telegram privacy policy that includes moderating private chats, have given TON the boost it needed to bounce back above $5.

In addition to the positive sentiment from Durov’s release, Toncoin’s trading volume surged by over 148%, reflecting increased activity in both spot markets and perpetual futures.

TON price technical analysis

From a technical analysis perspective, Toncoin’s short-term outlook remains bearish. Out of 17 technical indicators, 10 are signaling a sell, while only 2 recommend a buy.

Despite the slight recovery, the coin is still below several key exponential moving averages (EMAs), including the 20, 50, 100, and 200-day EMAs. However, it has managed to stay above the 10 EMA.

While the recent bounce pushed TON above the key $5 level, technical analysis suggests that it faces resistance at $5.51, which must be cleared for further upward movement.

A successful close above $5.51 will open the door to a potential rally toward $6.19.

Conversely, failure to hold above $5 may see TON test its support at $4.94, with further declines likely if it breaks below that level.

The post Toncoin bounces back above $5, next target at $6.19 appeared first on CoinJournal.

• Litecoin price hovers around $63 with the altcoin down over 5% in the past week and 11% over the last 30 days.
• According to CoinGecko, LTC has fallen 84% since hitting its all-time high above $410 in May 2021.
• The downtrend that has seen one of the earliest cryptocurrencies slide out of the top 10 by market cap now has small wallet holders selling as price nears a crucial support area.

Market intelligence and on-chain analytics platform Santiment has highlighted a dip in Litecoin shrimp holders – wallet addresses with less than 1 LTC. These wallets have sold-off over 45,200 LTC, but analysts say this could be a “turnaround.”

“Litecoin has not been lighting social forums on fire with its market value dropping -36% since its April 1st peak. A sudden liquidation of 45.2K net 0.1-1 LTC wallets indicate that small traders are finally capitulating out of the OG crypto asset. Small fish impatiently ‘jumping ship’ is often a turnaround sign for an asset to begin turning bullish once again,” Santiment analysts wrote on X.

76% of Litecoin wallets in loss

In the past few months, the selling has coincided with price dipping from above $110 in early April. After bouncing from lows of $56 following the crypto crash on August 5, Litecoin is back below $64 and near the major support zone around $60.

Per IntoTheBlock, the In/Out of the Money indicator is largely bearish. About 76% of addresses are in loss at current price and only 18% are in profit. Notably, 22% of addresses have held LTC for less than a year and could be part of the capitulating small holders. 

However, 78% of wallets have held the altcoin for more than a year.

Litecoin price chart

0n the daily chart, both the RSI and MACD indicators suggest bears might push Litecoin price lower.

The price is below the 50-day SMA, which could act as the primary resistance level around $66. On the other hand, further weakness could see LTC seek the demand reload zone around $55.

The post Litecoin shrimps capitulate as LTC declines appeared first on CoinJournal.