Bitcoin, Sui, and Sonic: The Crypto Trio Poised to Dominate This Week
Crypto markets are heating up—again. While traditional finance scrambles to keep up, these three digital assets are flashing bullish signals.
Bitcoin: The OG flexes its muscles
King BTC isn't yielding its throne. With institutional adoption accelerating, the original cryptocurrency continues to defy its 'digital gold' narrative by behaving more like a high-octane tech stock.
Sui: The dark horse nobody saw coming
This Layer 1 blockchain keeps solving the blockchain trilemma while others just talk about it. Developers are flocking to its ecosystem—always a telltale sign of sustainable growth.
Sonic: The meme coin with actual utility (seriously)
Breaking the meme coin curse, Sonic's recent protocol upgrades suggest it might—against all odds—have staying power. Cue eye-rolls from Wall Street analysts still trying to short Bitcoin at $20k.
As always in crypto land: Do your own research before joining the hype train. The only thing more volatile than these assets? The excuses from traditional investors who missed the boat.
Bitcoin price eyes a major breakout
Bitcoin will be one of the top cryptocurrencies as its ETF inflows surge and as it eyes a bullish breakout. Data shows that bitcoin ETF inflows jumped by over $2.2 billion last week, its third consecutive week of gains. This growth resulted in cumulative inflows of nearly $50 billion.
Technical indicators suggest that the Bitcoin price is eyeing a bullish breakout to its all-time high, which may occur this week. It has formed a bullish flag and a cup-and-handle pattern, which often leads to more gains.
The distance between the upper side and the lower side of the cup is about 30%. Measuring the same distance from its upper side brings the target to about $145,000. Such a move will likely trigger a new crypto market bull run.
Sui price at risk as a big unlock nears
Meanwhile, Sui, a top layer-2 network, will be in the spotlight as the SUI Foundation unlocks 5.22 billion tokens worth over $154 million, or 1.63% of the total supply.
Sui has a maximum supply limit of 10 billion tokens and a circulation of 3.39 billion. It unlocks over 55 million tokens on the first of every month, a trend that will continue until 2030.
Technicals show that the sui price has moved below the 50-day moving average and has formed a descending channel. Therefore, the price may continue falling as traders eye the support at $2 ahead of the unlock event.
Sui is a Layer-1 blockchain designed for low-latency and scalable decentralized applications (dApps). It was created by Mysten Labs, a company founded in 2021 by former Meta (Facebook) engineers who had previously worked on the Diem blockchain and its smart contract language, Move.
Sonic price prepares for a token unlock
Sonic, formerly known as Fantom, has been in a downtrend, with its token falling by 705 from its highest point this year.
The main catalyst for the Sonic price will be on Thursday, when the network unlocks tokens worth over $73.7 million, representing 7.50% of the total float. Sonic has a circulating supply of 2.88 billion against a total supply of 3.17 billion.
The 12-hour chart shows that the Sonic price has crashed from the year-to-date high of $0.9833 to the current $0.3166. It recently moved below the support at $0.3810, the lowest swing on April 8. It remains below the 50-period moving average.
Therefore, the token will likely continue falling as sellers target the support at $0.20.
Sonic came forth from the Fantom Foundation, led by DeFi developer Andre Cronje, and was unveiled in early 2024.
