Today’s trending coins have shifted compared to the list BeInCrypto analyzed yesterday, October 28. According to data from CoinGecko, a new altcoin has entered the ranks of the most searched cryptocurrencies in the last 24 hours, replacing some of the previous contenders from last week.
This shift in interest highlights the volatile nature of the cryptocurrency market, where new developments and trends can quickly capture investors’ attention. That said, the altcoins trending today are Grass (GRASS), Sui (SUI), and Goatseus Maximus (GOAT).
Grass (GRASS)
Grass is a decentralized layer-2 platform built on the Solana blockchain. It enables users to gather data using the Internet and Artificial Intelligence (AI). The project is one of the trending coins today due to the launch of the GRASS token and airdrop distribution.
However, GRASS’ recent airdrop distribution isn’t the sole reason it has become one of the trending altcoins. Research indicates that interest in the token surged due to the difficulties participants faced while attempting to claim their airdrops.
Specifically, Phantom, one of the wallets required to claim the token, encountered significant technical issues for several hours yesterday. This led to frustration among eligible participants, who expressed their displeasure over the operational mishaps that hindered their ability to access the tokens.
Following the development, GRASS, whose launch price was close to $1, has dropped to $0.88, listing 4.20% of its value in the last 24 hours. Since it is still early days, the altcoin might still be in price discovery mode. Therefore, it might not be the right time to predict where it could head next.
Sui (SUI)
Sui was on the list of trending altcoins yesterday. Today, it is also part of the trending coins due to its notable price increase in the last 24 hours. In addition, the Sui network experienced significant inflows, boosting its ranking above many leading blockchains.
Read more: What Are Altcoins? A Guide to Alternative Cryptocurrencies
This influx of activity reflects increased interest in the Sui ecosystem and was also vital to the altcoin’s rebound to $1.88. From a technical standpoint, SUI initially formed a head and shoulders pattern.
This pattern is supposed to extend the downtrend. But bulls ensured that the price did not go below $1.75 and invalidated the thesis. As such, SUI’s price could jump toward $2.13 as long as bears do not tug the altcoin back.
However, a drop in capital inflow could nullify this bias. The upcoming token unlock might also play a part if demand falls before that time. In that scenario, SUI could drop to $1.53.
Goatseus Maximus (GOAT)
GOAT is one altcoin that has consistently appeared on the trending altcoins list. While its market cap is yet to hit $1 billion, it is part of the trending coins due to the surging market interest in it.
As of this writing, GOAT’s price is $0.66, down 26% from its all-time high. However, the Relative Strength Index (RSI) shows that the altcoin might soon move closer to its previous. The RSI measures momentum, and since the reading has crossed above the neutral line again, it means the trend is bullish.
Read more: 10 Best Altcoin Exchanges In 2024
Based on this outlook, GOAT’s price might jump to $0.80 in the short term. But if the momentum fails to keep up with the bullish condition, this prediction might not come to pass. Instead, GOAT might decline to $0.56.
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.
