SUI price is still falling after a period of decline, although it is performing better than established staking networks such as Avalanche and Tron. This has caused the price to drop to around $0.50.
SUI price has seen a dip ahead of the upcoming token unlock. This is likely due to the prospect of the upcoming token unlock coming soon. Token unlocks help ease selling pressure. They also allow early investors and project team members to sell previously restricted holdings. In line with this, SUI will increase its allocation for staking subsidies.
Source: Token Unlock Dashboard
It will increase from 967,740 to 1,000,000 SUI, worth about $518,000. There is only one day and 14 hours left until this token unlock. Currently, approximately 1.797 billion tokens have been unlocked, accounting for 7.1% of the total network supply.
This sudden influx of tokens into the market could increase the supply, thus affecting the value of the token. The market seems to be pricing in this expectation, which could lead to a drop in the current SUI price. This happens as traders anticipate the impact of the upcoming token unlocking event.
SuiNetwork reached a staking market value of $4.3 billion in less than 4 months, surpassing more well-known blockchains such as Avalanche and TRON. According to the SUI community, this rapid growth confirms SuiNetwork's position and potential in the blockchain world.
Staking Market Cap on Top Blockchains
After nearly 4 months on mainnet, @SuiNetwork has surged to $4.3 billion in staked market cap, surpassing established blockchains like #Avalanche, #TRON, etc!
This is a clear sign of Sui's huge growth potential
Find out now $SUI pic.twitter.com/5BhqGthEsj — Suipiens.sui (@suipiens) August 27, 2023
The daily price chart of SUI/USDT shows a breakout of the downtrend line. However, after this breakout, the price encountered strong resistance at $0.6068. Currently, the price has reached an important support level of $0.5100. If the price breaks out and closes below this level, it may trigger significant bearish pressure and push the price lower. The next support level is $0.4500, which is also the main support level before the downtrend line. This trend line, which previously acted as resistance, now acts as support.
TradingView: SUI/USDT 1-day chart
SUI price must close above the critical resistance of $0.6068 to resume the bullish momentum. This could pave the way for a move higher towards the next resistance at $0.7858.
Technical indicators are giving conflicting signals. The Stochastic Oscillator is pointing downwards, suggesting that further declines are possible. On the contrary, the histogram of the Moving Average Convergence Divergence (MACD) indicator is positive.
However, a closer look at the MACD shows that despite the green histogram, the price could fall. The green sense is fading, indicating a possible break below the zero line. This increases the bearish possibility.
While SUI price is dropping significantly, another coin with positive potential is SONIK. The project recently crossed the $250,000 mark in its pre-sale sale.
A promising alternative to SUI
Sonik Coin (SONIK) is aiming to reach a market cap of $100 million. It draws inspiration from the famous Sonic the Hedgehog mascot. As it moves forward at a fast pace, it is rapidly approaching the pre-sale hard cap.
$SONIK #Presale is coming to an end
It's time to load up https://t.co/s1fTdXDQCK#Sonik #MemeCoin #Crypto pic.twitter.com/ArmPKu9S0u — SONIK COIN (@Sonikcoin) August 29, 2023
Experts are optimistic about 10x gains, and Sonik Coin claims to be a newly developed token based on the Ethereum ERC20 mainnet. The pre-sale campaign is underway, aiming to raise the project's maximum cap to $2.098 million.
The development team believes that Sonik Coin’s virality and profitability will make it the dominant meme token. According to the website’s ambitious statement, Sonik Coin plans to break the record for the fastest meme currency to go from zero to $100 million market cap.
Cultivating Passive Income: SONIK’s Staking Advantages and Ecosystem
SONIK has always been a more attractive option for crypto enthusiasts due to the usefulness of its staking yield, providing a passive income stream. Staking your $SONIK can start earning rewards immediately. These returns are determined based on the APY and the holder's proportional portion of the $SONIK staking pool.
So far, 23,897,374,662 SONIK have been staked, with an expected APY of 100% according to the latest staking update. Meanwhile, 9,125 rewards are issued per simulated block out of 1.6 billion WSM tokens as part of the project.
Sonik Coin$Sonik Coin captures the meme token craze, targeting $100M market cap. Staking yields at an impressive 145% APY. Intense marketing ongoing. NOTE: No affiliation with Sonic The Hedgehog! #SonikCoin #StakeAndEarn — Noʍad Dad (@Urquan79)August 27, 2023
The Sonik Coin ecosystem was built with a four-year timeframe in mind to ensure a long-term stable rollout of staking incentives. This new timeline is aligned with the platform’s long-term goals and will improve its stability.
Furthermore, the project’s token economics are impressive, with 50% of tokens allocated to the presale, 40% to staking, and 10% to liquidity.
Moreover, Sonik Coin’s comprehensive roadmap covers all important stages: creating tokens and staking system, making memes, planning pre-sale, developing effective marketing methods and building a solid community.
Token Supply and Token Velocity: A Rapidly Developing Project
The maximum token supply of the project is set at 299,792,458,000 tokens. This value is equal to the speed of light, reflecting the rapid progress of the project.
The pre-sale phase of Sonik is rapidly ending, with the current cumulative amount of $612,857.67. Follow the live countdown on the website. Until all tokens are sold out, each Sonik token will have a fixed value of $0.000014.
After the presale is completed, the project will be valued at only $4 million on Uniswap due to the smaller hard cap. Considering the current pricing, its growth and profit potential is huge.
Also read:
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Sonik Coin Price Prediction – SONIK Price Potential in 2023
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