Several altcoins erased a significant part of recent losses in the third week of September 2024. Driven by major macroeconomic decisions, these coins have demonstrated impressive price increases, reflecting growing investor interest and bullish sentiment.
In this analysis, BeInCrypto highlights the biggest altcoin gainers of the week and examines the catalysts behind their rises. While many made the headlines, the top three include Fantom (FTM), Celestia (TAI), and Sui (SUI).
Sui (SUI)
SUI, the native cryptocurrency of the Layer-1 blockchain Sui, tops the list of the biggest altcoin gainers. This week, its price has increased by 45%. As a result, the market capitalization has surpassed that of Uniswap (UNI), Kaspa (KAS), and Artificial Superintelligence Alliance (FET).
Further, Sui’s recent price increase, which sent the price to $1.51, is probably linked to its integration with Circle (USDC), which BeInCrypto reported earlier. Apart from the surge, Sui’s Total Value Locked (TVL) reached an all-time high.
According to DeFiLlama, the TVL is now $868.89 million. This surge implies a rise in the capital locked in the Move-programmed blockchain, indicating perceived trust and a healthy ecosystem.
From a technical standpoint, SUI’s breakout was driven by the formation of a double-bottom pattern, signaling bullish momentum. Additionally, the daily chart shows an ascending triangle, further reinforcing this bullish trend.
BeInCrypto identified a strong demand zone around $1.07, which played a key role in the recent upswing. With no major resistance at higher levels, SUI’s price could potentially rise above $1.60 in the short term.
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However, if holders start taking profits, SUI may experience a correction, which could bring its value down to $1.16.
Celestia (TIA)
TIA’s price briefly declined to $4.53 on Monday. The price of cryptocurrency has increased by 30% since then, and it is currently changing hands at $5.98. A look at the Moving Average Convergence Divergence (MACD) shows a positive reading.
The MACD measures momentum using the difference between the 12 EMA (blue) and 26 EMA (orange). When the shorter EMA crosses below the longer one, sellers are in control, and the price might decrease.
However, at press time, it is the other way around, indicating that buying pressure remains clearly present. Should this remain the same, Celestia’s price might climb to $6.50.
A price decrease might come into play if bears push bulls out of the way. Should this be the situation, TIA’s value could decline to $4.78.
Fantom (FTM)
FTM’s price has surged nearly 35% this week, driven by growing anticipation of Fantom’s Sonic upgrade, which could involve a token migration from FTM to “S.”
Just a few days ago, FTM was trading below $0.50. Today, it stands as one of the biggest altcoin gainers, now trading at $0.65. BeInCrypto identified an inverse head and shoulders pattern on the daily chart, a technical indicator that signals the end of a downtrend and the start of a bullish trend.
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FTM’s price has broken above the neckline of this pattern, suggesting the uptrend may continue. If buying pressure increases, FTM’s value could rise to $0.72. However, if it struggles to surpass $0.67, a retracement may occur, potentially pushing the price down to $0.55.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
