The crypto market continues to show strength, with Bitcoin eyeing the $70,000 psychological level. Amidst the broader market optimism, well-informed investors are now eyeing crypto airdrops as a potentially lucrative avenue.

For investors and crypto enthusiasts, these airdrops offer the chance to acquire new tokens and join the vibrant crypto communities. Airdrops aim to distribute free tokens while attracting new followers and expanding user bases. This week, there are four significant airdrops to watch.

SupraOracles: Countdown to Blast off

SupraOracles is airdropping free SUPRA tokens after the Snapshot on October 21. The fundraiser raised $26.52 million, and participants included Coinbase Ventures, HashKey Capital, Animoca Brands, and HTX Ventures.

Users who completed simple airdrop tasks, including participating in the airdrop campaign and completing tasks, can now see the eligible tokens. The users can also select a token claim plan to confirm the token claim method, with participants that fail to choose expected to be enrolled into a 30-month vesting plan automatically.

Read more: What are Crypto Airdrops?

Additionally, SupraOracles has unleashed another activity named Supra Starcade, with 250 million SUPRA tokens allocated. It comes amid a bigger prize pool and more user transactions. Participants will have to guess the prices of different tokens, and all activities will take place in the test network.

Following an October 19 snapshot, new developments have emerged in the Scroll airdrop. The project recently raised $80 million in a fundraiser led by Polychain Capital, with participation from Variant, IOSG, and Bain Capital Crypto. This brings the Scroll airdrop closer to fruition.

The momentum comes after the listing of Scroll’s SCR token on Binance’s launch pool, setting the stage for formal community rewards. The SCR token will debut on major cryptocurrency exchanges on Tuesday, October 22, alongside the launch of the claim portal, allowing farmers to redeem the airdrop.

The airdrop will likely be based on marks accumulated by various Ethereum addresses. On-chain footprint criteria will also be used to filter out Sybil attackers and bots. As reported by BeInCrypto, 1 billion SCR tokens will be available, with 15% allocated to the airdrop, split into two phases of 7% and 8%.

Despite this, community sentiment around the airdrop appears sour. Concerns have arisen about the team’s ability to offer substantial rewards to over 2 million active addresses. Additionally, speculation suggests that some insiders may have unfairly accumulated large amounts of marks.

“Scroll team is so greedy! After allocating %23 to themselves, they also chose to sybil the airdrop by allocating team addresses 1m+ marks each,” said Anon Vee, a crypto investor and trader on X.

Eclipse: Blockchain Infrastructure Token Watchlist

Eclipse, the first Ethereum Layer-2 solution powered by Solana Virtual Machine (SVM), has raised $65 million from investors including Polychain Capital and Delphi Ventures. Tribe Capital, Hack VC, and Placeholder Ventures also co-led contributions.

Although the reward date remains uncertain, Eclipse is among the potential airdrops expected this week. To participate, users will need to mint NFTs as the project’s mainnet or official bridge becomes operational.

“To honor this milestone, claim “Path of Discovery”, a commemorative NFT designed by Nio on Scope. Mint is open for 7 days,” Eclipse wrote.

Notably, participants must add the Eclipse network to their wallets before minting the NFTs, with the bridge allowing a minimum of 0.002 ETH per transaction.

Aptos: Production Ready Blockchain

In the pursuit of new projects, airdrop farmers could forget about existing giants like Aptos. Based on the project’s tokenomics, 51% of tokens are allocated for community rewards. The airdrop also comes as a celebration of the second anniversary of the launch of the mainnet.

Against these backdrops, Aptos has raised $350 million in a fundraiser co-led by Binance Labs, Andreessen Horowitz (a16z), DragonFly Capital, FTX Ventures, and Jump Crypto. Other participants include Coinbase Ventures, Circle, and Multicoin Capital.

With this, it also passes as a potential airdrop with participation involving NFT minting. Aptos released a limited edition NFT to celebrate the second anniversary of the launch of the mainnet.

“Cheers to Two Years! If you’re here, you’re early to celebrate the 2nd Anniversary of Aptos Mainnet, we’ve released a commemorative AptosTwo NFT—available for a limited time. Mint yours today and tell all your friends you were first,” Aptos shared.

Read more: Best Upcoming Airdrops in 2024

While it did not indicate whether there will be an airdrop for this NFT, the mint is free and can give bonuses from Aptos, as well as projects from the Aptos ecosystem. 

For the first time since September 27, Ethereum has surged past the $2,700 mark and is showing strong signs of maintaining its upward momentum. About ten days ago, ETH dropped below $2,400, sparking speculation that the cryptocurrency might struggle to break out again.

However, over the past seven days, ETH has surpassed key resistance levels. In this on-chain analysis, BeInCrypto reveals how this upward momentum could drive the price even higher.

Ethereum Sees Reduced Selling Pressure

One indicator fueling this prediction is the Ethereum Exchange Netflow, which shows the amount of coins flowing in and out of exchanges. According to CryptoQuant, market participants have taken 29,378 ETH off exchanges as of this writing.  

From a spot trading perspective, high values typically signal increased selling pressure. However, with approximately $80 million being removed, it suggests that ETH may not face significant selling pressure in the near term.

On the derivatives side, the decline points to low volatility, indicating that traders with open positions are less likely to face liquidations. When combined, this current condition could be bullish for Ethereum’s price.

Read more: Ethereum ETF Explained: What It Is and How It Works

Another metric supporting the bullish outlook is the number of addresses holding ETH valued at $1 million or more. When this metric rises, it indicates that HODLers are accumulating more coins, reflecting bullish behavior. Conversely, a decline suggests that long-term holders are cashing out, typically signaling bearish sentiment

Based on Glassnode’s data, the number of addresses holding ETH worth $1 million and above has increased, suggesting that Ethereum’s price could avoid going through another drawdown.

Crypto analyst and founder of MN Consultancy Michaël van de Poppe shares a similar view. However, in his post, van de Poppe noted that ETH needs to rise above $2,770 to have any chance of surpassing $3,000.

“Ethereum might finally reverse. Breaking through the crucial resistance at $2,770 would be great. If that happens, the next target is $3,200, ” the analyst emphasized.

ETH Price Prediction: Bulls Must Defend $2,689 Support

A look at the daily chart shows that Ethereum’s price has broken out of a symmetrical triangle. For context, a symmetrical triangle is a chart pattern defined by two converging trendlines that connect a series of sequential peaks and troughs.

Usually, when an asset’s price breaks below the triangle, the asset’s price tends to fall further. For ETH, it is the other way around, suggesting that the value could continue climbing. But for that to happen, bulls have to defend the $2.689 support

Beyond that, buying pressure needs to increase so the price can climb above the resistance at $2,989. If that is the case, ETH’s price could rally to $3,316. 

Read more: How to Buy Ethereum (ETH) and Everything You Need to Know

However, this thesis could be rendered null and void if ETH falls below the aforementioned support line. In that scenario, the price could tumble to $2,471.

If the current technical setup is any indication to follow, Sui (SUI) could see its price drop below $2. On October 14, the token of the Layer-1 Move-programmed blockchain reached a new all-time high of $2.36.

Since then, the altcoin has faced challenges in moving higher, and this analysis explains why SUI might be poised for an extended correction.

Sui Slides Down the Ascending Channel

A look at the SUI/USD 4-hour chart shows that the token has been trading within a rising parallel channel since last month. The rising parallel channel pattern forms when traders connect higher highs and higher lows with two ascending parallel trendlines. The upper trendline connects the highs, while the lower trendline connects the low

This technical pattern is typically a bullish signal, suggesting that a cryptocurrency’s value could increase. However, this only occurs if the price remains above the support line of the lower trendline.

In SUI’s case, the lower trendline support is at $2.03, and as shown below,  SUI’s price is approaching that zone. If the price drops below this level, a significant downswing could follow.

Read more: A Guide to the 10 Best Sui (SUI) Wallets in 2024

Additionally, the same timeframe reveals that the Bull Bear Power (BBP) has turned negative. The BBP is a technical oscillator that measures the relative strength of buyers versus sellers in the market.

When the BBP is positive, bulls dominate, and the price tends to rise. Conversely, a negative BBP indicates that bears are in control. As seen below, the BBP has experienced a sharp decline, suggesting that SUI bears could push the price lower.

SUI Price Prediction: No Way Out of the Drop

Meanwhile, the daily chart also appears to be in line with the bearish bias. For instance, the Moving Average Convergence Divergence (MACD) has dropped to the negative region, just like the BBP.

It is historically a good strategy to buy when the MACD rises to the positive zone. This is because the reading during that period means that momentum is bullish, and prices can rise. However, a negative MACD, as it is with SUI, implies that momentum is bearish, indicating a sell signal.

Because of this condition, SUI’s price might likely experience a 10% decline that could take it to $1.83. In a highly bearish condition and volatile market, the altcoin might drop as low as $1.64.

Read more: Top 11 Platforms To Trade the Cheapest Cryptocurrencies

But if bulls come into the picture, this prediction might be invalidated. In that case, SUI might bounce to $2.36 again.