SUI Network’s Rally Fades: Is it All Downhill or Reprieve in Sight? Plus, Rise of Sonik Coin

A digital canvas dominated by the image of an abstract blockchain, resplendent in cool blues and purples, suddenly splintering and nudging towards an unseen abyss, suggesting a decline. Elsewhere, a golden coin branded ‘Sonik’ radiates bright warmth, surrounded by a growing swarm of smaller coins, symbolizing momentum in a market swarm, punctuating the scene with a tantalizing promise of growth and stability. The composition is infused with an unnerving mixture of tension and optimism under stark, almost clinical light, casting the entire scene into sharp, unflinching relief. Artistic style: brush strokes that are both calculated and wild, echoing the unpredictability of the crypto market. Mood: cautiously optimistic yet anxious.

Sui Network’s (SUI) dalliance with recovery seems to wane, as with a knock-back from the lower descendent trendline, the bag-holders are left ruminating – Is the Sui Blockchain zooming towards zero? The encouraging 40% recovery rally, spurred by a bounce off the lower trendline support on August 17, watched the SUI price soar over a week to reclaim the 20DMA and strike a local peak at $0.60. Despite the SUI token grappling in the erratic market conditions, its layer-1 technology designed for faster smart contracts sees exponential growth and development. The Sui blockchain continues to grow, almost doubling its active accounts in the past week.

Fumbling with the rejection, SUI still manages to trade high in the channel, standing at a current market price of $0.52, showcasing a 24-hour change of -3%. This happened post two unsuccessful attempts at the topside resistance from the upper trendline that has proved a shadow to the price action since June. The recent downfall plunges SUI below the very recently reclaimed 20DMA, hinting at a dwindling technical structure in the short-term, suggesting the likelihood of downward movements. Even more concerning, the SUI’s declining range seems to form a bearish pendant pattern.

However, SUI’s indicators offer some respite, with the RSI showing an oversold signal at 42 – hinting at the possibility of an upward thrust. This is mirrored by the MACD, which illustrates a bullish divergence at 0.0028, again, suggesting a bounce back’s potential. The combined double turndown from the upper trendline, along with the loss of 20DMA support, might spell a potential disaster for SUI’s price actions on the short-term frame. With a weaker technical structure, SUI’s risk: reward ratio of 2.19 could be a surprisingly solid entry for investors.

On another note, the On-Chain Summer has seen a capital flow into new players like Sonik Coin ($SONIK), projected to be the next big meme coin. It’s already gaining momentum in crypto markets, raising a phenomenal $759,000 in its pre-sale in less than seven days. Do not miss its promise of a staggering staking APY of 209%. It not just adds a passive income avenue, but shows the team’s dedication to a long-term, stable game plan, encouraging holders to retain their tokens for longer durations, thereby reducing volatile price swings and establishing a steady growth foundation. The Sonik Coin foresees an exceptional trajectory, backed by its innovative staking model and the bubbling enthusiasm around its branding. A stunning combination of Sonik Coin’s founders’ transparent, community-focused vision, its enticing staking rewards, and the buzz it has already created, distinguishes it in the meme coin ocean. To pounce on this fleeting opportunity, buy Sonik here.

Source: Cryptonews

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