Kategorie: Crypto Analysis

• Sonic is set to upgrade to native USDC and integrate with CCTP V2 for better liquidity and experience.
• Sonic (S) price, currently at $0.5226, may hit $1.03 or fall to $0.3596 after the upgrade.
• A successful transition could spark increased adoption and liquidity, potentially pushing the S price higher.

Sonic (S), the native token of the Sonic blockchain, has been trading in a tight range for the past 48 days, with investors eagerly awaiting the upcoming transition from bridged USDC to native USDC.

This transition, scheduled to begin on May 6, 2025, is expected to bring significant changes to the Sonic ecosystem, potentially impacting the price of Sonic (S).

As the market remains in a state of anticipation, understanding the implications of this transition and the current technical setup is crucial for predicting the future price movement of Sonic (S).

The upcoming bridged USDC to native USDC transition on Sonic

Bridged USDC, known as USDC.e, is a version of the widely used stablecoin USDC that has been bridged from another blockchain to the Sonic network.

This bridged form has been functional but carries limitations like potential liquidity fragmentation and dependency on third-party bridging mechanisms.

The shift to native USDC, issued directly by Circle on the Sonic blockchain, is designed to overcome these challenges and streamline operations.

Native USDC is fully regulated, backed by reserves, and redeemable on a 1:1 basis for US dollars, offering a robust and trustworthy stablecoin option.

It also introduces institutional on/off-ramps via Circle Mint, enabling eligible businesses to seamlessly engage with the Sonic ecosystem.

The integration with CCTP V2 further enhances this upgrade by facilitating fast, secure, and efficient cross-chain USDC transfers across supported blockchains.

Scheduled to start on May 6, 2025, the transition will pause bridging activity on the Sonic Gateway between Ethereum and Sonic for about a week.

During this time, Circle will assume ownership of the bridged USDC contract, enabling the switch to native USDC without requiring user intervention.

Once completed, native USDC will be fully operational, promising improved liquidity and a better user experience across the Sonic network.

Sonic (S) price forecast

Sonic (S) has been locked in a consolidation phase for the past 48 days, encountering resistance at key technical levels such as the VWAP SR, 0.618 Fibonacci level, and the value area high.

Trading volume has remained consistently low, reflecting a lack of strong momentum or conviction among market participants.

The current price of $0.5226 sits near the midpoint of this range, making it a pivotal level for determining the next move.

A successful transition to native USDC could spark increased adoption and liquidity, potentially pushing the price above the established resistance zone.

Historically, such upgrades to native stablecoins have bolstered blockchain ecosystems by attracting more users and developers, though price impacts depend on broader market dynamics.

Conversely, any setbacks or delays in the transition could erode investor confidence, risking a drop below the midpoint toward lower support levels.

Volume will play a critical role in signalling the direction of any breakout, with a surge alongside a move above resistance suggesting a bullish trend.

Should this scenario unfold, Sonic (S) could aim for its previous all-time high of $1.03, offering a potential 97% gain from its current price.

On the flip side, a breakdown below the range, especially with heightened volume, might see the price retest its all-time low of $0.3596, a decline of roughly 31%.

Investors should keep a close eye on volume and price behaviour around these key levels as the USDC transition unfolds to assess the market’s response.

The post Sonic (S) price prediction: Can native USDC launch on May 6 ignite a breakout? appeared first on CoinJournal.

• SUI has soared 196% year-over-year to a 2-month high of $3.71.
• $265M worth of SUI will unlock on May 1, introducing potential sell pressure.
• Solid DeFi metrics and liquidity may, however, propel SUI toward $4.

SUI price has soared 196% over the past year, hitting a two-month high of $3.71 according to CoinGecko data.

This rally has coincided with a breakout from a falling wedge a week ago and the recent break out above the $3.60 resistance zone, which set the stage for further gains.

Why is the SUI price rising today?

The SUI price surge has been fueled by a mix of strengthening on-chain metrics, a rebound of meme coin activity, and renewed investor optimism.

Over the past week, SUI has seen trading volumes exceed $3.6 billion and $11 billion in monthly volume as traders flock to the protocol amid a meme coin frenzy, especially on the protocol.

In addition, total value locked (TVL) on Sui-based protocols has climbed 40% in April to reach $2.217 billion, highlighting growing confidence in its DeFi ecosystem.

Notably, SUI’s breakout above the key resistance zone around $3.60 has triggered fresh buying interest that propelled prices toward $3.71.

A series of bullish signals across major technical indicators, including a positive MACD and universally bullish moving averages, have reinforced the uptrend.

However, the relative strength index reading of 78.80 signals overbought conditions that could precede a short pause, but momentum indicators remain firmly in buyers’ favour.

Investors have been drawn in by Sui’s expanding ecosystem metrics, with stablecoin market cap surging from $630 million to $880 million in recent weeks.

On the derivatives front, SUI futures open interest has risen by 3.75% to $1.54 billion, reflecting growing institutional engagement.

Long/short ratios near neutrality on a 24-hour basis and a slight bullish tilt among top Binance traders indicate balanced but optimistic sentiment.

The recent two-week rally of over 65% underscores the accelerating pace of accumulation among both retail and institutional investors.

Also, the daily decentralised exchange volumes hovering around $500 million have provided the liquidity backbone for the rally to sustain itself.

Analysts note that Sui’s market capitalisation of $12 billion positions it as one of the top 15 layer-1 blockchains by value, attracting significant scrutiny.

$265M SUI tokens set to unlock this week

On May 1, approximately 74 million SUI tokens worth $265 million—representing 2.28% of the circulating supply—are scheduled to unlock.

With only a third of the total token supply currently in circulation, the fresh influx of tokens could introduce notable selling pressure.

Historical patterns show that large-scale token unlocks often coincide with brief volatility spikes before markets realign to underlying growth metrics.

Notably, huge token unlocks often coincide with temporary price retracements as early holders seek to realise gains.

However, Sui’s robust on-chain fundamentals and deep liquidity suggest the network may absorb the additional supply without a significant downturn.

If buyers maintain control above the $3.60 support level, SUI could chart a path toward the $4 psychologically important milestone.

A seamless absorption of the unlocked tokens may see the price fluctuate between $3.30 and $3.60 before establishing a new upward trend.

Conversely, a spike in sell orders could drive SUI back toward its initial support at $3.30 or even retest the 10-day exponential moving average near $3.00.

Analysts point to rising total value locked and active DeFi participation as key buffers against distribution-induced volatility.

The recent derivative metrics, including a futures volume of $6.04 billion, also reflect deep market liquidity that can help cushion abrupt supply shocks.

I addition, the long/short positioning among retail and institutional accounts remains skewed modestly toward longs, signaling that many investors are braced for further gains.

Sui’s network utility is further underscored by daily DEX volumes that rival many more established chains, highlighting its rising role in decentralised finance.

Ultimately, the success of SUI’s push to $4 will hinge on sustained demand and the community’s confidence in the protocol’s development roadmap.

The post SUI price eyes $4 but faces risks from upcoming event appeared first on CoinJournal.

• New XRP addresses reach two-week high of 3,677.
• Liveliness metric drops to 0.81, signalling reduced selling pressure.
• RSI at 60.10 indicates strong buying momentum

XRP has recorded an impressive 10% rise over the past week, trading at $2.32 at the time of writing.

The surge comes amid a broader market recovery, as traders return and long-term holders pull back from selling.

Source: CoinMarketCap

Market data suggests fresh inflows and reduced selling pressure are key drivers behind XRP’s latest momentum.

If current trends continue, the token could soon test higher price levels, although volatility risks remain.

As major cryptocurrencies stabilise, XRP’s relative strength could position it as one of the altcoins to watch in the coming weeks.

New XRP addresses hit two-week high, boosting market activity

Data from Glassnode reveals that the number of new XRP addresses surged to a two-week high of 3,677 on 28 April.

This increase indicates rising interest from new participants, as inflows of fresh capital support XRP’s price movement.

A rise in newly created addresses often signals heightened market activity, which can add further stability to an asset’s upward trajectory.

The growing number of new addresses suggests that XRP is attracting not only existing crypto investors but also new entrants to the market, broadening its user base during this phase of recovery.

Along with this, the drop in XRP’s Liveliness metric to 0.81, the lowest since 1 December, indicates that long-term holders (LTHs) are refraining from transferring or selling their tokens.

A falling Liveliness score typically reflects increased conviction among holders, suggesting a more resilient market structure for XRP at present.

XRP holders show confidence amid reduced selling pressure

The behaviour of XRP LTHs has played a significant role in the token’s price action.

LTHs, defined as addresses holding XRP for more than 155 days, have significantly reduced their selling activity over the past week.

This reduction in selling pressure provides a supportive environment for price gains, reinforcing the asset’s bullish momentum.

Historically, lower Liveliness levels have coincided with periods of stronger price performance, as reduced token circulation often results in decreased supply pressure on the market.

The recent drop to 0.81 further underscores the growing confidence among investors that XRP could sustain its rally.

Should this trend continue, XRP’s ability to retain long-term investor interest could become a key factor driving future price performance.

XRP RSI rises to 60, eyes resistance at $2.29

Technical indicators also point to positive sentiment. XRP’s Relative Strength Index (RSI) has climbed to 60.10 on the daily chart, confirming the ongoing bullish momentum.

The RSI tracks buying and selling strength, ranging from 0 to 100. Typically, readings above 70 signal overbought conditions, while levels below 30 suggest the asset is oversold.

At 60.10, XRP remains in a strong buying phase, although not yet in the overbought territory.

If buying pressure persists and XRP breaks through its current resistance at $2.29, analysts suggest it could rally towards the $2.50 mark in the near term.

Sustained interest from new entrants combined with continued confidence from existing holders could play a pivotal role in maintaining momentum.

However, if selling activity resumes, XRP risks retracing recent gains, with a potential decline back towards the $1.99 support level.

Traders are closely monitoring these levels to gauge the next significant move.

The post XRP price rises 10% in a week as long-term holders reduce selling appeared first on CoinJournal.

• 10% weekly gain marks Bitcoin’s strongest move in weeks.
• Profit/Loss ratio close to 1.0, hinting at potential breakout.
• Greed sentiment reaches its highest level since November 2024.

Bitcoin has broken above $90,000 after five weeks of sideways trading, reigniting excitement across the cryptocurrency market.

As of now, Bitcoin is trading near $94,680, posting over a 10% increase over the past week and edging close to the crucial $95,761 resistance level.

Source: CoinMarketCap

Investors are watching closely, as a move above this threshold could set Bitcoin on a clear path toward the $100,000 milestone.

However, sentiment indicators also show signs of overheating, with greed levels among Bitcoin holders reaching their highest since Donald Trump’s election night on November 5, 2024.

Although momentum remains positive, market conditions suggest that Bitcoin faces a delicate balancing act between sustaining its rally and avoiding a sentiment-driven pullback.

Traders, analysts, and institutional investors are all closely monitoring how Bitcoin will behave near these key technical levels in the coming sessions.

Bitcoin rally builds as P/L ratio nears 1.0

Bitcoin’s macro momentum is strengthening as the Profit/Loss (P/L) ratio moves closer to the neutral 1.0 mark.

A 1.0 ratio reflects an equal number of coins in profit and loss, signalling a healthier and more balanced market structure compared to earlier periods of extreme loss.

Historically, this level has acted as a strong resistance during bear cycles, but a successful move above it could clear the way for continued upside and renewed investor confidence.

Still, a near-neutral P/L ratio often introduces volatility. Investors reaching breakeven or modest profits may be tempted to sell, creating selling pressure even as overall sentiment remains positive.

Bitcoin’s ability to maintain strength will depend on whether holders stay committed as the price tests new highs, especially as short-term traders eye quick profits.

Rising greed highlights risks for Bitcoin

Investor sentiment surrounding Bitcoin has grown sharply more optimistic.

Data from social media shows a surge in bullish posts, with current optimism levels comparable to those seen on November 5, 2024, when Donald Trump was elected.

Trading forums, cryptocurrency news outlets, and blockchain social analytics platforms have all reported a noticeable uptick in the volume of positive Bitcoin commentary, reflecting widespread bullishness.

While this growing confidence fuels Bitcoin’s rally, it also brings the risk of a sentiment-driven top.

When investor greed peaks, markets often experience abrupt corrections as traders rush to lock in gains.

Bitcoin’s price trajectory over the coming days will largely hinge on whether investors continue to hold through volatility or trigger a wave of profit-taking.

Maintaining momentum above key resistance levels could prevent a deeper correction, but the margin for error appears slim.

Resistance and support zones in focus

Bitcoin’s immediate resistance remains at $95,761. A decisive break above this level could accelerate gains, putting Bitcoin on track to test the $100,000 psychological barrier.

The persistent greed among traders could discourage profit-taking and instead drive prices even higher if momentum remains strong, creating the potential for an explosive rally.

If Bitcoin fails to sustain its levels and falls below $93,625, the risk of a pullback increases significantly.

Further downside towards $91,521 could weaken bullish momentum, while a deeper decline to $89,800 could extend Bitcoin’s consolidation phase, possibly leading to a re-evaluation of bullish expectations.

For now, Bitcoin’s next steps will likely depend on a combination of technical breakouts, investor sentiment trends, and broader market liquidity conditions.

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• Monero (XMR) hits 5-year high at $347.72 with volume spike.
• XMR’s price rise is due to speculation and privacy demand, and it is supported by bullish patterns.
• Monero’s next targets are at $350 and $480, with the ATH at $543 in sight.

The Monero (XMR) price soared to a 5-year high of $347.72 according to CoinGecko data, before pulling back to around $288.76 at press time amid speculation Monero was used to launder 3,520 stollen BTC worth $330.7 million.

This remarkable rally has captured the attention of the cryptocurrency market, with trading volumes skyrocketing from an average of $50 million on a 7-day rolling basis to over $218 million in just 24 hours.

Why is Monero price rising today?

This remarkable rally has left many wondering what is driving Monero’s price upward.

Apart from the news of XMR being used to launder stolen bitcoins, there appears to be no other clear catalyst behind the price movement, leading analysts to speculate that the rally may be driven by speculative trading, which suggests that market sentiment and trader behavior are playing a significant role.

Monero, a privacy-centric cryptocurrency based on the CryptoNote protocol, ensures that all transactions are unlinkable and untraceable, making it a popular choice for users seeking anonymity.

Adding to the bullish outlook are technical patterns, including a giant ascending triangle that has been forming over nearly 8 years, characterized by a series of higher lows converging with a horizontal resistance line around $400-$450, indicating a potential breakout.

XMR is forming a giant ascending triangle – 8 years of consolidation.

This is something!@crypto_birb @thecryptomonk what do you think?#XMR #Monero $XMR pic.twitter.com/4eusyDmYTp

— Mihir (@RhythmicAnalyst) April 28, 2025

Furthermore, a double bottom pattern on the weekly timeframe, a classic reversal formation, has been confirmed with a clean retest, signaling strong bullish momentum and providing a solid foundation for a long-term uptrend.

On-chain metrics further support this positive sentiment, with Monero’s open interest in futures reaching its highest level since December 20, reflecting new money entering the market and suggesting a rally ahead.

Moreover, the growing demand for privacy coins, driven by increasing concerns over data security and anonymity, positions Monero as a leader in this niche market, attracting both retail and institutional investors.

How high can the price of XMR go?

With the current bullish momentum, traders and investors are keenly interested in how high Monero’s price can go.

Technical analysis provides some insights, with the ascending triangle pattern suggesting a potential target of $350 if the breakout is confirmed, while the double bottom pattern points to targets around 26%, 48%, and up to $480.

Beyond these technical targets, the all-time high of $543, reached in January 2018, remains a key psychological and resistance level that could come into play if the rally continues, potentially attracting more attention and investment but also leading to profit-taking and increased volatility.

However, traders should exercise caution, seeing that the Relative Strength Index (RSI) has entered the overbought region, signaling a possible pullback before the continuation of the bullish trend.

The price trajectory will also be influenced by broader market sentiment, adoption rates, and regulatory developments, particularly concerning privacy coins, which have faced scrutiny in some jurisdictions; regulatory clarity or positive developments could act as a catalyst for further price appreciation, while adverse regulations could pose challenges.

Additionally, with a current market capitalization of $5,422,488,199, Monero ranks as the 27th largest cryptocurrency, and a sustained rally toward its all-time high could propel it higher in the rankings, increasing its visibility and appeal to a broader range of investors.

Despite previous challenges faced by privacy cryptocurrencies like Monero, Monero’s robust privacy features, continuous technological advancements, and strong community support position it well for future growth, making it an attractive prospect for long-term investors.

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