Kraken’s Insight on Crypto Prices 🌟
As of October 1, 2024, Kraken has examined the current dynamics of various cryptocurrencies, bringing to light the notable advancement of SUI. Additionally, Bitcoin (BTC) is testing its resistance levels, Ethereum (ETH) is showing signs of recovery, and Solana (SOL) is maintaining its trading range.
Kraken’s Crypto Price Analysis: SUI’s Notable Growth and Trends for October 2024
The crypto exchange platform, Kraken, has unveiled an in-depth analysis of several cryptocurrencies as of October 1, 2024.
Among the various observations, Kraken points out that there has been a significant increase in SUI throughout September 2024. Notably, on September 18, this cryptocurrency successfully surpassed the resistance level of $1.24 and began a notable ascent.
Following this breakthrough, SUI’s price climbed over all critical moving averages and entered the overbought territory on the Relative Strength Index (RSI).
At the moment, SUI’s market price stands at $1.81, reflecting an impressive rise of 136% over the previous month.
According to Kraken’s analysis, such substantial growth suggests a couple of possibilities: it could indicate strong momentum for SUI, but there is also a risk of short-term exhaustion.
As the month of October unfolds, analysts at Kraken suggest that there remains a chance for SUI to reach its prior peak at $2.17. However, if SUI retraces back to its former resistance at $1.24, this could establish a robust foundation for a more sustained upward movement.
Bitcoin (BTC), Ethereum (ETH), and Solana (SOL): Current Market Overview 🔍
In addition to SUI, Kraken has performed a thorough evaluation of Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) as of October 1, 2024.
Bitcoin, often referred to as the leader in the cryptocurrency space, has gradually regained its critical moving averages, signaling a potential shift towards bullish momentum.
As October begins, BTC is testing its previous high, which hovers around $65,000, posing as a significant resistance point.
This consolidation around the resistance level may suggest both a continuation of its current trend or a possible reversal. Should BTC manage to close above $65,000, it would likely affirm the upward momentum, opening pathways to even higher price levels. On the contrary, failure to achieve this could result in a corrective phase, with the $60,000 territory serving as the first major support level.
As of now, Bitcoin is valued at $61,514, reflecting a decrease of 4.5% within a 24-hour span.
Shifting focus to Ethereum (ETH), Kraken’s analysts have identified potentials for an upward shift, with the crucial pivot point set at $2,813 being the next resistance to keep an eye on.
However, in the last 24 hours, ETH has observed a price drop of 5.7%, bringing its current value to $2,488.
Lastly, regarding Solana (SOL), Kraken has noted that SOL appears to be locked in a price range between $115 and $163 since August. Currently priced at $146, it finds itself positioned in the middle of this consolidation range, offering limited directional clarity until it decisively breaks out beyond these price levels.
SUI’s Token Unlocks: What to Expect This October 🎉
This month heralds a series of token unlock events, with SUI’s unlock being a significant highlight.
On October 1st, SUI experienced an unlocking of approximately 64.5 million tokens, amounting to a value exceeding $110 million.
Such unlocks often lead to price fluctuations as the circulating supply increases.
In addition to SUI, several other tokens are set to unlock this October, including IMX, CHEE, APT, AXS, and ARB.
Keep an eye on these developments as they may influence the market dynamics throughout the month.
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