The cryptocurrency market is abuzz with the growing dominance of Bitcoin, leading to speculation about a potential BTC bull run in the near future. However, once Bitcoin’s dominance peaks, there could be a shift in focus towards altcoins, particularly layer-1 tokens like SUI, which are poised to experience a significant surge in value.
SUI, a popular layer-1 token, has demonstrated remarkable strength in recent times, bouncing back from losses and reaching a new all-time high. Despite facing bearish pressure and sell-offs, SUI is expected to follow an upward trend in the long run. The current price of SUI has experienced a slight dip of over 18% from its highs, with technical indicators suggesting a potential further drop to the local support level of $1.61. However, if the bulls can hold the price above $1.6, a rebound may be on the horizon. The DMI indicator is on the verge of a bearish crossover, indicating a possible downtrend.
On the bright side, there are signs of a fresh influx of liquidity as the volume levels have reached a low point after peaking. This could indicate that bears have taken their profits, paving the way for a bullish rally that could push the price of SUI above $3. Additionally, other layer-1 tokens such as SEI, Aptos, and Solana are also poised for potential gains in the upcoming bull run, as trader confidence remains high despite current bearish conditions.
Overall, the cryptocurrency market is poised for exciting developments, with layer-1 tokens like SUI leading the charge towards a potential bull run. Investors should keep a close eye on these tokens as they show promising signs of growth and resilience in the face of market fluctuations.