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SUI Price Soars 12% In Minutes, Triggering Huge Liquidations: Predictions For The Altcoin

The native token of the decentralized smart contract platform Sui (SUI) kicked off the week with an all-time high of $4.96, buoyed by an overall bullish trend in the cryptocurrency market. The momentum was short-lived, as SUI experienced a significant retracement on Friday, plummeting nearly 30% to $3.49. However, the token rebounded swiftly, stabilizing at approximately $4.55, representing a 12.8% increase from the week’s low and just 8.9% shy of its record price, SUI Surges Amid Market Volatility In stark contrast, major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) have continued to experience downward corrections following the US Federal Reserve’s (Fed)0 recent decision regarding interest rates. The Fed’s dovish stance has negatively impacted risk assets, contributing to a generally bearish sentiment in the market that led the market’s leading crypto, to retrace almost 10% from the record high of $108,000. The volatility surrounding SUI led to nearly $14 million in liquidations across both long and short positions on centralized exchanges, with Binance reporting the highest liquidation rates within the past 24 hours, according to data from Coinalyze. Related Reading: Bitcoin Rally Loses Momentum: Could A Drop To $75,000 Signal The Final Correction? Notably, recent analysis has indicated that Sui ranks third in net inflows over the past three months, with close to $1 billion entering the network, highlighting the growing investor interest in SUI, further bolstered by a new partnership with Phantom wallet. Crypto analyst Route 2 FI noted in a recent social media post on X (formerly Twitter), that the bullish reversal in SUI’s price indicated strong investor sentiment, culminating in the token’s record peak at the beginning of the week. Analyst Targets $6 As Market Momentum Builds Michael van de Poppe, another respected analyst, pointed out the substantial daily candle movement in SUI, emphasizing that the price dipped into support before quickly bouncing back. He expressed optimism that this trend is far from over, suggesting that SUI could continue its upward trajectory with a target of $6 in sight. The recent surge in SUI’s price is also expected to attract Bitcoin liquidity into its ecosystem, further enhancing the token’s bullish prospects. Technical analyst Rekt Capital highlighted that SUI has effectively executed a post-breakout retest from its re-accumulation range. Rekt also noted that strategic partnerships with Babylon Labs and Lombard Finance would facilitate the integration of Bitcoin liquidity, which could significantly benefit the Sui platform. Related Reading: XRP, Solana Among Altcoins Witnessing TD Buy Signal, Analyst Reveals The growing interest in SUI raises questions about its potential performance in 2025. However, crypto researcher Eyezenhour recently emphasized that while there are numerous reasons for optimism regarding SUI’s future, the key factor is attention. The researcher contends that the Sui Network has started to captivate institutional investors, a trend attributed to its dominant technology, upcoming integrations with Phantom and Backpack, and a talented core and executive team. This is expected to continue throughout the current bullish cycle and into 2025, adding to the bullish sentiment for the altcoin as the year draws to a close. Featured image from DALL-E, chart from TradingView.com Bitcoin World

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Whales Accumulate $ENA As Ethena Reaches Record High TVL

Whale activity surrounding $ENA has surged in recent days, signaling strong confidence in Ethena’s growing ecosystem. Over the past three days, a newly established wallet has withdrawn 13.65 million $ENA (worth $13.42 million) from Binance, highlighting significant accumulation during the recent market dip. Whales are accumulating $ENA . Over the past 3 days, this newly created wallet has withdrawn 13.65M $ENA ($13.42M) from #Binance . https://t.co/yVzvPAUlYG pic.twitter.com/warF4CflA8 — Lookonchain (@lookonchain) December 20, 2024 In total, whales have purchased over 36.55 million $ENA amid the price correction, demonstrating their belief in the token’s long-term potential. This buying spree reflects increasing interest in Ethena as it solidifies its position as a key player in the DeFi space. During the recent price dip, whales bought over 36.55 million #Ethena $ENA ! pic.twitter.com/U410ClRCbW — Ali (@ali_charts) December 18, 2024 Data from DeFiLlama reveals that as of December 17, Ethena’s Total Value Locked (TVL) surpassed an impressive $6 billion, setting a new record high. A significant portion of this comes from the supply of USDe, which reached 5.933 billion, alongside USDtb supply amounting to 70.42 million. 据 DeFilama 平台数据显示，截止 12 月 17 日，Ethena TVL 突破 60 亿美元，创历史新高。其中 USDe 供应量达 59.33 亿枚，USDtb 供应量达 7042 万枚。 pic.twitter.com/djHY1oZPBA — BlockBeats｜We`re hiring! (@BlockBeatsAsia) December 17, 2024 These milestones underscore the growing adoption of Ethena’s ecosystem, particularly its innovative stablecoin solutions. The platform’s ability to attract substantial liquidity and whale interest highlights its strong market positioning and trust within the DeFi community. Ethena’s recent success can be attributed to its robust protocol design and the increasing demand for stablecoin and yield-generating opportunities. With whales actively accumulating $ENA and TVL climbing to new heights, the project is well-positioned for continued growth and influence in the decentralized finance sector. As investor confidence grows, all eyes remain on Ethena’s next developments, as it continues to push boundaries and drive innovation in the crypto space. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: loft39studio/ 123RF // Image Effects by Colorcinch Bitcoin World