SUI price has grown by 27.82% in the last 30 days, driven by notable changes in its Total Value Locked (TVL). After a strong surge in both TVL and price, SUI appears to be entering a consolidation phase. This stabilization suggests a pause in the upward momentum, possibly indicating a period of market indecision.

The future direction could depend on whether SUI’s TVL sees renewed growth or remains stagnant, with a potential correction in play.

SUI TVL: Consolidation After a Strong Surge

SUI’s Total Value Locked (TVL) experienced an impressive surge, rising from $308 million on August 4 to $1.096 billion by October 14. This remarkable 255% growth over roughly two months stands out, especially for a protocol as substantial as SUI.

This growth was accompanied by a significant increase in SUI price itself, climbing from $0.46 to $2.36. That represents a staggering 391% growth in the same period.

However, following that surge, SUI’s TVL has shown signs of stability, consistently hovering around $1 billion without further gains since early October.

This plateau suggests that after the sharp rise in both TVL and price, SUI might be transitioning into a consolidation phase or potentially even gearing up for a correction, as the rapid growth appears to have cooled off.

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

SUI ADX Shows the Current Downtrend is Still Not That Strong

SUI’s ADX is currently at 16.82, indicating the strength of the current trend. With a value below 20, this suggests that the trend is still weak, implying limited directional movement in the market.

The ADX is a valuable indicator as it helps gauge the momentum of a trend, whether upward or downward.

The ADX (Average Directional Index) values are generally used to determine how strong a trend is, with numbers between 20 and 40 signaling moderate strength and anything above 40 showing a very strong trend. Just two days ago, SUI’s ADX was at 9, showing a noticeable increase recently.

As SUI seems to be heading into a downtrend, a continued rise in ADX would imply a strengthening bearish momentum, which could lead to a significant correction in the next few days.

SUI Price Prediction: Will SUI Form a Death Cross Soon?

SUI’s EMA lines currently indicate that its short-term averages are trending downward and could soon cross below its long-term averages. This is often referred to as a “bearish crossover,” which suggests that bearish momentum may be gaining strength.

Such a crossover can indicate the beginning of a potential downtrend as short-term price sentiment weakens compared to the longer-term outlook.

Read more: Everything You Need to Know About the Sui Blockchain

If this bearish crossover occurs, SUI has support levels at $1.74 and $1.60, pointing to a potential correction of up to 17%. On the other hand, if SUI’s Total Value Locked (TVL) starts to grow again and sparks a renewed price rally, the price could test resistance at $2.16.

Should that level be broken, SUI could also test $2.36, which would represent a possible 21% price increase.

TRUMP price has witnessed a notable decline in the past few weeks. The Trump-inspired meme coin is now trading at $3.31, reflecting a 27% decline over the past week.

With the election just one week and six days away, TRUMP is poised to revisit its yearly low of $1.70. This analysis explores the factors making that scenario increasingly likely.

MAGA Sees Spike in Selloffs

TRUMP’s price has declined by 22% in the past 24 hours. During the same period, its trading volume has totaled $12 million, rising by 122%. 

When an asset’s price drops while its trading volume skyrockets, it indicates strong selling pressure in the market. The combined interpretation of this trend suggests that many TRUMP traders are selling off their positions. This shows that holders are losing confidence in the asset as the election date approaches, prompting a rush to sell.

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

TRUMP’s negative Chaikin Money Flow (CMF) supports this bearish outlook. As of this writing, this indicator is in a downtrend, below the zero line at -0.04.

The CMF indicator measures money flow into and out of an asset. When its value is above zero,  it indicates that an asset is being accumulated, suggesting bullish sentiment, as buying pressure exceeds selling pressure.

Conversely, a CMF reading below zero suggests a bearish sentiment. It signals that selling pressure dominates the market, and downward momentum will likely continue.

Furthermore, TRUMP’s double-digit decline has pushed its price below the 20-day exponential moving average (EMA), which tracks its average price over the past 20 trading days. 

This is a bearish signal because it suggests that Trump’s short-term trend is weakening. It indicates that the meme coin sellers are gaining control and have pushed its price below the moving average of the past 20 days.

TRUMP Price Prediction: Meme Coin May Revisit Yearly Low

If the current trend continues, TRUMP’s price is at risk of revisiting its yearly low of $1.70, marking a 48% decline from its current value. However, if market sentiment shifts from bearish to bullish and new demand for the meme coin surges, TRUMP’s price could rebound and begin an uptrend.

Read more: Crypto Regulation: What Are the Benefits and Drawbacks?

In this scenario, it would aim to break through resistance at $5.49. If successful, TRUMP could potentially rally further, targeting $11.64.

The crypto market encountered a setback yesterday as Bitcoin (BTC) fell short in its attempt to reach $70,000. Despite this, several other cryptos managed to maintain their positions on the list of altcoins trending today.

Among these, some coins showcased solid performance, while others trended for different reasons despite not delivering strong results. As of today, October 22, the top three trending altcoins on CoinGecko are Scroll (SCR), Solidus Ai Tech (AITECH), and KOALA AI (KOKO).

Scroll tops the list of altcoins trending today due to its native token, SCR. On Monday, October 21, Scroll, a leading zero knowledge rollup built on Ethereum, announced the launch of SCR. According to its official statement, the launch also comes with an airdrop for contributors and its community.

“We’ve allocated 55,000,000 SCR tokens (5.5% of the total supply) to participants who have actively contributed to the Scroll ecosystem through their on-chain activities in our Sessions Program. Out of this allocation, 40,000,000 SCR (4% of the total supply) are proportionally allocated among onchain participants who have accumulated 200 or more Marks as of October 19, 2024,” the project wrote.

One reason Scroll is trending is the controversy surrounding its airdrop allocation. On X (formerly Twitter), numerous early adopters are expressing frustration over transacting thousands of dollars on the chain only to receive SCR tokens valued significantly less.

For example, a pseudonymous user with the handle Picolas Cage noted that this allocation means that the project has lost a six-figure DeFi user.

Read more: 10 Best Crypto Exchange Reviews for October 2024

Meanwhile, as seen above, SCR launched at approximately $1.70. However, its value has dropped in the last 24 hours and is currently trading at $1.24. In addition, it might be too early to predict SCR’s next price movement, as it seems to still be in price discovery mode.

Solidus Ai Tech (AITECH)

This is the third time AITECH is on BeInCrypto’s trending altcoins list. This time, the price did not increase as it has seen a modest 3% decline in 24 hours. However, it remains on this list due to the broader market interest in the project

On the daily chart, the Relative Strength Index (RSI) has dropped below the 50.00 neutral region. This suggests that the momentum around the token is bearish, and the recent downturn can accelerate.

If that remains the same, then SCR’s price might retrace to$0.080 from $0.094, where it currently stands. However, if buying pressure increases, the prediction might invalidated, and the trending altcoin’s value might jump to $0.12.

KOALA AI (KOKO)

KOALA AI is another altcoin that has previously appeared on this list. Like the previous time, KOKO is trending because of its massive price increase. 

Over the last 24 hours, KOKO’s price has increased by 125% and currently sits at $0.0000067. Based on the daily chart, the Bollinger Bands (BB) has expanded, indicating a high level of volatility around the cryptocurrency.

However, the upper band of BB has touched KOKO’s price, indicating that it is overbought and a decline looms. Assuming the lower band tapped the price, it would have been termed oversold. 

Read more: Which Are the Best Altcoins To Invest in October 2024?

Considering this current condition, the altcoin’s value might drop by 20% to $0.0000055. On the other hand, if bulls continue to buy the token, it might sustain the uptrend and could rally to $0.0000084.