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3 Reasons Why Sui Price Will ‘Continue To Rip’ In November

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4 hours ago

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As November rolls in, Sui price shows no signs of slowing down. The price of SUI is on a short pullback after the entire crypto market hit a snag following the U.S. Stock market crash late October 31. The crypto market cap is down 5.3% and Bitcoin price is trading below the $70,000 price level. Despite the red markets, analysts are bullish on the price of SUI, which has skyrocketed over 400% from August 5 to October 31. 

Why Sui Price is Poised to Continue Pumping In November

The price of SUI is currently trading at $1.93, which represents a 6.8% drop in the last 24 hours. From here, the asset is about 35% from its all-time high price of $2.34 before it can once again taste price discovery.

3 Reasons Why Sui Price Will 'Continue To Rip' In November
SUI/USDT Price Chart

On-chain metrics are some of the strongest and signal the asset could extend its gains in the month of November. Here are three compelling reasons why the price of SUI is set to continue to rip this month. 

1. Sui Network Aggregators Hit $5 Billion

Trading volume on Sui’s decentralized finance (DeFi) aggregators soared to $5 billion in October, the highest recorded ever. Cetus raked in the most volume, followed by Hop protocol, Scallop and 7K. 

3 Reasons Why Sui Price Will 'Continue To Rip' In November3 Reasons Why Sui Price Will 'Continue To Rip' In November

The surge in trading volume indicates an increase in market activity and interest which can lead to increased price volatility, as more users join the ecosystem. 

Additionally, SUI token reached $150 billion cumulative monthly trading volume in October. High volume typically suggests strong momentum, and is an indicator of crypto assets that about to explode in price. In this case DeFi on the network could reach new all-time highs in November, pulling SUI price up.

2. Volume Rising, But Fees Are Dropping

This is perhaps the most compelling reason for a SUI all-time high in November. The average daily transaction fees on the network dropped while transaction volume increased throughout out the month of October. The average transaction fee in October was $0.00331, the cheapest among a majority of the blockchains.

3 Reasons Why Price Will 'Continue To Rip' In November3 Reasons Why Price Will 'Continue To Rip' In November

This interesting trend suggests that the network is becoming more efficient and scalable. Lower fees can attract more users and developers to the network, potentially boosting overall activity, adoption, and price.

3. Active Accounts on Sui Top 25 Million

Sui network active account hit an all-time high of 25 million up from less than 2 million in early July. This is an exponential growth that has reflected in its price and could propel the asset to reach for higher highs this November.

On October 27, data from Artemis Analytics shows Sui saw massive inflows of funds from Ethereum, suggesting that investors are looking for greener pastures. 

3 Reasons Why Price Will 'Continue To Rip' In November3 Reasons Why Price Will 'Continue To Rip' In November

In the same week, the network also recorded the highest net inflows among all chains, dwarfing Ethereum, Solana and Arbitrum which came in second, third and fourth, respectively. SUI had over $20 million net inflows while Ethereum followed behind with about $10 million.

How High Can Sui Go in November?

Sui price analysis suggests that is ready to soar as high as $48 in November. The main catalyst, on top of the robust on-chain metrics, is the upcoming U.S elections next week. Already the network has PolitiFi meme coins from either party ready to explode no matter which candidate wins.

Meme coins have contributed to Solana’s impressive growth this years and in the coming weeks following the election, we could see a repeat performance from SUI.

How High Can Sui Go in November?How High Can Sui Go in November?
Sui Price Analysis Chart

Key levels to watch for include $2.34 resistance, which if broken could catapult price to $10, $21 and $48. Conversely, if price breaks below the parabolic curve, the asset could turn bearish, dropping to $0.60.

Frequently Asked Questions (FAQs)

Sui price could keep climbing due to strong on-chain metrics, including record trading volume and a growing number of active accounts. Additionally, recent network upgrades and low transaction fees have attracted new users, supporting price momentum.

Lower transaction fees, now averaging $0.00331, make the Sui network more accessible and efficient. This attracts more users and developers, boosting network adoption and activity, which often correlates with price increases.

Analysts are optimistic, suggesting Sui could target levels of $10, $21, and potentially $48. However, if price breaks below certain key support levels, it could face a decline toward $0.60.

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Evans Karanja

Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Price analysis

Which Cryptos Are Poised for the Biggest Growth?

Published

1 day ago

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October 31, 2024

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Investors are increasingly searching for promising cryptos to buy, as the digital currency market evolves. Altcoins differ from Bitcoin by providing different use cases, innovation, and occasionally showing high price potential. This analysis will focus on three altcoins – Solana, Rexas Finance, and Avalanche – that are increasing in popularity and could experience significant growth by 2025.

1. Solana (SOL)

Solana is popularly recognized as a platform offering scalability and quick transaction speeds. These attributes have made it gain the interest of the cryptocurrency market, and strong rival against leading altcoins including Ethereum. Industry analysts forecast the Solana price to trade between $100 and $500 in optimistic scenarios, the maximum target value for the token is placed at $750. 

SOL price hit its all time high of $260.06 three years ago, on Nov 07, 2021, but has since dropped by 33.34%, from its current value of $173.90. One important point to monitor is the $100 mark, since continued movement beyond this point could indicate solid market trust.

Solana Price ChartSolana Price Chart

As Solana network experiences increased adoption of non-fungible tokens (NFTs), and decentralized finance (DeFi), there is potential for growth. Continuous improvements aimed at improving network efficiency are anticipated to drive an increase in SOL demand, offering a positive long-term value growth perspective.

2. Rexas Finance (RXS)

Rexas Finance, although relatively new in the altcoin industry, has been causing a stir in the field of tokenizing real-world assets (RWA). Trading at $0.060 at the moment, RXS is projected by analysts to experience a substantial increase to $17 by 2025. The optimistic view is based on the increasing desire for tokenized assets and the unique strategy of the platform in allowing fractional ownership of physical assets such as real estate and commodities.

Rexas Finance TokecomicsRexas Finance Tokecomics

A presale that generated more than $100,000 marked a recent achievement, indicating significant initial interest. With the further development of blockchain regulations and increasing interest in RWAs, Rexas Finance’s distinct value proposition could keep drawing the attention of investors, potentially leading to significant price increases. This could establish it as one of the best RWA altcoins to invest in.

Visit Rexas Finance (RXS)

3. Avalanche (AVAX)

Avalanche is distinguished by its distinctive consensus mechanism and inexpensive transaction fees, which make it a top choice for fast and effective blockchain transactions. Experts predict that the price will be between $14.90 and $69.37 in 2025, potentially reaching $72.50 with favorable market conditions. An important point to monitor is the Fibonacci retracement at $32.43; a surpassing of this point may suggest a rise in bullish momentum.

AVAX hit its all-time high on $146.22  on Nov 21, 2021, but has tripled in losses, dropping by 82.35% to its current price of $25.83.

Avalanche price chartAvalanche price chart

  Avalanche’s ecosystem continues to grow through partnerships with DeFi and NFT platforms, establishing its flexibility in the altcoin market. As the ecosystem expands, the potential for AVAX price appreciation also increases, presenting an attractive investment opportunity.

Conclusion: Altcoins Positioned for 2025 and Beyond

Solana, Rexas Finance, and Avalanche all contribute different advantages to the altcoin market, such as fast network speeds, scalability, asset tokenization, and effective consensus mechanisms. As the cryptocurrency industry progresses, altcoins present appealing choices for investors seeking to broaden their investments and take advantage of growth potential outside of Bitcoin. By staying attentive to important levels and continuous changes, investors might discover that these alternative coins could offer significant returns by 2025.

 

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Jane Lubale

With over four years of experience in the cryptocurrency, Fintech, blockchain, and Web3 industries, I bring a wealth of knowledge and expertise to every piece I write. Backed by a Masters in Business Administration, my writing combines insightful analysis with a deep understanding of market trends, technological advancements, and regulatory landscapes. Whether crafting engaging articles, informative guides, or thought-provoking analyses, I strive to deliver content that informs, educates, and inspires readers in this rapidly evolving space.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Price analysis

5 Key Metrics Indicate Solana Price Will Hit New All-Time Highs

Published

2 days ago

on

October 30, 2024

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Over the past 7 months, the Solana price has traded sideways, struggling to sustain above the $200 level. However, as the crypto market witnessed a renewed recovery in late October, the SOL coin price is poised to escape this long-coming consolidation. Here, we delve into five key metrics that suggest Solana could soon reach new heights, reinforcing its place among the top blockchain networks. 

5 Key Metrics Suggest Solana Price Could Hit New All-Time Highs

The crypto market witnessed renewed bullish momentum in late October as pioneer digital asset Bitcoin surged past $70,000. As the altcoin market mimics the recovery trend, Solana price prediction caught investors’ attention as these five metrics signal its potential for new ATH.

According to Santiment data, the Solana development activity recorded a sudden spike to 140 on October 29th. Typically, active development suggests that the ecosystem is maturing with continuous innovation, which is crucial for maintaining its high position in the emerging crypto market. A high development activity often drives confidence among investors, which could be a positive for its native cryptocurrency.

Solana priceSolana price
Development Activity | Sentiment

Since last week, the SOL’s social dominance has witnessed an upward trajectory, hitting a high of 9.17 on Tuesday. This metric highlights how much attention a cryptocurrency gathers on social media platforms like X (formally known as Twitter), Reddit, and other forums. Increased social engagement typically translates to higher interest from both retail and institutional investors, reflecting the demand pressure in the market.

SOLSOL
Social Dominance | Santiment

  • New Addresses and User Growth

The on-chain data shows a dramatic surge in SOL’s new addresses, rising from 2.99 Million to 5.32 Million in October. The influence of new users not only accelerates network growth but also drives demand in Solana price as new participants engage in transactions and greater activity on the blockchain.

The growth in new addresses is considered among the core developments of the network as its indicates increased adoption.

  • Total Value Locked (TVL) in DeFi

According to DeFiLlama data, the SOL Total Value Locked (TVL) rallied remarkably from $3.8 Billion to $6.25 Billion, registering a 63% growth. Typically, this increase indicates growing investors’ confidence as they lock more capital into the network’s Decentralized finance (DeFi) application.

This metric accentuates highlighted user activity and a robust network that is suitable for a major SOL price reversal.

  • Open Interest in Solana Futures

In October, the SOL’s future open interest experienced a significant surge from $2.14 Million to $3.41 Million, accounting for a 46% increase. This substantial rise in open interest implies that investors are actively speculating on Solana’s future price direction, reflecting heightened engagement and confidence in its market potential.

Generally, the Solana price recovery backed by OI data growth indicates a sustained recovery, which bolsters the asset for new ATH.

SOL Futures Open Interest | Coinglass

Conclusion

Solana price outlook remains bullish, driven by strong network activity, rising Total Value Locked (TVL) in DeFi, an active developer community, increasing institutional interest, and positive market sentiment. These metrics collectively suggest that SOL could be on track for new all-time highs.

Frequently Asked Questions (FAQs)

Solana’s price outlook is supported by several key metrics: high development activity, increasing social dominance, rising Total Value Locked (TVL) in DeFi, growth in new addresses, and a surge in open interest in Solana futures.

Open interest in Solana futures surged by 46% in October. This increase implies heightened investor engagement and speculation on Solana’s future price movements

High TVL reflects a strong DeFi ecosystem, which can support further price growth as user activity and capital inflow increase.

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Pepe Coin (PEPE)

Analyst Forecast Final Dip For Pepe Coin Price Before 30% Surge

Published

3 days ago

on

October 29, 2024

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During Tuesday’s trading session, the crypto market saw substantial inflows as Bitcoin surged past the critical $70,000 level. Amid this renewed momentum, the meme coin sector, known for its volatility, displayed notable moves. In particular, the frog-themed meme coin jumped 3.7%, testing a four-month resistance. However, analysts suggest a final dip in Pepe coin price may occur before a major rally unfolds.

Pepe Coin Price Poised for Final Dip Ahead of Projected 30% Rally

In a recent tweet, market analyst CryptoDoc highlights the Pepe coin price resonating mainly within two converging trendlines of the daily chart. This consolidation reveals the formation of a bullish continuation pattern called a symmetrical triangle pattern. 

Theoretically, the converging trendlines provide a temporary break for the prevailing trend to build its momentum before the next. In the last four days, the Pepe price rebounded from the pattern’s support trendline at $0.0000084 to $0.00000852, registering a 13% jump. Consequently, Pepe’s market cap surged to $4.01 billion.

Despite the bullish trajectory, the analyst predicts a small retest or final dip to the green zone support, coinciding with the pattern’s lower trendline.

If history repeats, the bottom support should replenish the bullish momentum for the PEPE price and push it to nearly 17% to challenge the overhead resistance. A successful flip of this overhead trendline into potential support could push the asset to $0.000012, registering an almost 30% growth.

PEPE pricePEPE price
CryptoDoc

Check out the article on top meme coins to buy for a detailed analysis.

Traders Back Bulls as Funding Rate and Open Interest Surge

According to data from Coinglass, the open interest (OI)-weighted funding rate has recently surged to $0.0139, indicating that buyers are paying a premium to maintain their long positions. This spike suggests a strong bullish sentiment in the market, with buyers showing confidence in further price appreciation.

PEPE OI-Weighted Funding Rate

Additionally, the futures open interest has shown a recovery trend, climbing from a recent low of $60.566 million to its current level of $132.7 million, marking a 119% percentage growth. Elevated open interest levels typically signal heightened trading activity, amplifying market movements and potentially contributing to increased volatility.

Pepe Coin pricePepe Coin price
Futures Open Interest | Coinglass

On the contrary, if sellers breach the bottom trendline, the bearish momentum will invalidate a breakout thesis to drive an extended consolidation.

Frequently Asked Questions (FAQs)

The OI-weighted funding rate recently surged to $0.0139, suggesting that buyers are paying a premium to maintain their long positions

If sellers breach the bottom trendline of the symmetrical triangle, it would indicate a shift in momentum, invalidating the breakout thesis and potentially leading to extended consolidation.

Analysts expect a brief dip in Pepe Coin’s price to test support and regain bullish momentum. This dip is seen as a setup for a potential 30% rally

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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