With the month of May coming to an end, and that too on a weekend, there is a good chance that the market could see considerable volatility. As June starts this Sunday, altcoins could see sharp rises or declines if the market shifts.
Thus, BeInCrypto has analysed three such crypto tokens for the investors to watch this weekend and whether they should prepare for a rally or a correction.
Sui (SUI)
SUI has dropped nearly 11% in the past 24 hours, trading at $3.46. The altcoin’s decline follows broader market trends but may worsen this weekend due to internal factors specific to SUI.
A major event looming is the scheduled unlock of 44 million SUI tokens on June 1, releasing $151 million into the market. This new supply could disrupt the balance between demand and supply, often leading to downward pressure on prices. SUI may face a notable price impact.
SUI’s price nearly touched $3.33 support during intraday lows and may revisit it soon. However, if positive market volatility returns and SUI regains $3.48 support, a rebound to $3.69 is possible, which would invalidate the current bearish outlook and signal recovery.
Virtuals Protocol (VIRTUAL)
VIRTUAL has experienced a decline over the past three days but continues its uptrend observed this month. This suggests a likely price reversal over the weekend as investors regain confidence in the altcoin’s potential to rise, despite short-term setbacks.
The RSI remains in the positive zone, above the neutral mark, supporting bullish momentum for VIRTUAL. This momentum could help the altcoin secure $2.45 as a support level, potentially pushing the price toward $2.99 and eventually reaching the $3.00 mark.
However, if the broader market experiences a correction, VIRTUAL could also face downward pressure. Losing the critical support of $1.93 would invalidate the bullish thesis and possibly trigger a short-term price decline.
SPX6900 (SPX)
SPX is among the best-performing meme coins and altcoins, rising 23.6% over the past week. This uptrend pushed the price above $1.00, with SPX currently trading at $1.10, showing strong momentum in a volatile market.
As a meme coin, SPX faces high volatility. However, the EMAs are forming a Golden Cross, signaling a potential rally. This technical pattern could sustain the uptrend and push SPX past the $1.23 resistance level.
Profit-taking by investors could lead to a fallback toward or below $1.00. Such a move would invalidate the short-term bullish thesis and signal caution among traders in the meme coin’s near-term outlook.
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.
