This week has seen gains for several crypto assets, with SUI, Helium (HNT), and Bittensor (TAO) leading the pack. These assets have outperformed the broader market, with these tokens showing bullish momentum.
Notably, these price movements have been driven by a combination of technical and fundamental factors, as highlighted by key figures in the crypto community.
What you'll learn 👉
Anticipation Builds Ahead SUI’s Major Unlock Event
SUI has witnessed a price increase of 88.18% over the past week, with a current price of $0.9533 and a daily trading volume exceeding $578 million, according to CoinGecko data.
This surge comes as the community prepares for a significant token unlock scheduled for September 1st, when 64 million SUI tokens will be added to the circulating supply.
The anticipation of this event has sparked discussions across social media. Analyst iWantCoinNews emphasized both fundamental and technical aspects, noting the potential impact of the upcoming unlock on SUI’s market dynamics.
“At current prices, this unlock is $60 million on a market cap of $2.4 billion,” they observed. The analyst also suggested that the fair value gap indicated on the chart could present a strategic buying opportunity post-unlock.
HNT’s Carrier Adoption Sparks Interest
Helium (HNT) has also experienced a price rally, rising by 63.29% over the past week, despite a slight 0.79% decline in the last day. At press time, HNT trades at $6.29.
Helium’s price performance has been bolstered by news of its adoption by traditional telecommunications companies. Crypto Stream highlighted this development, noting that two large U.S. carriers are testing the Helium Mobile Network.
The integration of Helium into existing telecommunications infrastructure marks a pivotal moment for decentralized wireless networks, positioning Helium as a potential leader in the DePin space.
Meanwhile, analyst Viktor pointed out the relative lack of attention Helium has received, despite its strong performance against other altcoins, particularly in the current market environment.
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Read also: Kaspa Ready for Another Price Rally? Analyst Predicts KAS Top 10 Potential in 2024
TAO’s Strong Weekly Performance Amidst AI Coin Momentum
Bittensor has emerged as another top gainer, posting a 43.62% increase over the last week, although it has seen a 6.18% decline in the past day. TAO, at publication, traded at $287.54 with a daily volume of $91.4 million.
Analyst CRG described the recent price movement in TAO as “monstrous,” noting the recovery from weekly lows. Despite this strong performance, CRG highlighted the need for TAO to reclaim the $400 level to confirm a daily double bottom pattern.
The recent rally in TAO aligns with broader bullish sentiment around AI crypto assets, indicating growing interest in the sector.
Hence, the strong performance of Sui, Helium, and Bittensor highlights how the crypto market is. Additionally, technical developments, adoption news, and strategic unlocks can drive price movements.
Captain just hit his first 100x among a lot 2-5xs. Want to be a part of a profitable community?
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
