The cryptocurrency market has experienced a trend reversal, recording a 3% surge in market capitalization over the last 24 hours.
As Bitcoin reclaims $105,000 and attempts to push upward, a number of altcoins are also showing promising signs and have captured the attention of traders and investors alike.
Reploy (RAI)
AI-based token RAI is a trending altcoin. It currently trades at $4, marking a 2% rise in its value in the past 24 hours. This uptick comes after an extended period of decline, which pushed the token’s price to a 25-day low of $3.05 on Wednesday. As of this writing, RAI trades at $3.0 amid growing demand.
Its Balance of Power (BoP) reflects this spike in RAI’s demand. It is currently in an upward trend at 0.44. This indicator measures the strength of buyers versus sellers in an asset to determine whether the price is more likely to increase or decrease.
When the BoP is positive like this, it indicates that buyers are in control, suggesting upward price momentum and potential for continued bullish movement. If the uptrend continues, RAI’s price could touch $4.22. On the other hand, if selloffs resume, RAI’s price could drop to $3.05.
SUI (SUI)
Layer-1 coin SUI is another altcoin trending today. In the past 24 hours, its price has surged by 13%, driven by the announcement that the non-custodial crypto wallet Phantom has officially integrated support for the Sui blockchain. This makes Sui the first Move-based blockchain network connected with the wallet.
This news has led to a spike in demand for SUI, reflected by the 82% spike in its trading volume. This indicates that the SUI’s double-digit hike is backed by actual coin demand and not by speculative trades.
If demand remains high, it could drive SUI’s price toward its all-time high of $5.35. On the other hand, if profit-taking commences, SUI’s price could fall to $3.17.
Ondo (ONDO)
ONDO is the native token of Ondo Finance, a tokenized real-world asset platform. Its value has climbed by 13% over the past 24 hours, attracting the attention of traders amd investors.
On the daily chart, ONDO’s rising Relative Strength Index (RSI) confirms the rise in its buying pressure. At press time, it is at 61.89, indicating that buying activity outweighs selloffs among market participants.
If this trend is maintained, ONDO’s price could climb to $2.14. Conversely, a trend reversal could cause ONDO to trade at $1.23.
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Disclaimer
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