As a seasoned crypto investor with a knack for spotting opportunities, I can confidently say that Sun Token (SUN) has caught my eye this week. Having closely followed Justin Sun’s ecosystem since its inception, I’ve witnessed its ups and downs, but the current surge is nothing short of impressive.
On Friday, August 23rd, the value of Sun Token kept rising significantly, placing it among the top-performing digital currencies for the current week.
The price of SUN reached an all-time high of $0.028 recently, which is the highest it’s been since December 2021 and represents a massive 526% increase from its lowest point in 2023. Moreover, its market capitalization has experienced substantial growth, expanding from approximately $101 million on August 17 to over $276 million currently.
Sun’s jump mirrored the performance of other tokens in Justin Sun’s ecosystem. Tron (TRX) rose to $0.1660, its highest level since May 2021. Similarly, BitTorrent (BTT) soared to $0.0000010 while Just (JST) reached $0.034, 40% above its lowest level this year.
The increase in SUN‘s price can be attributed to the record-high TVL, or Total Value Locked, on its DeFi platform, currently standing at $758.7 million – a figure not seen since last November 2022.
Traders anticipate that Sun’s ecosystem might experience significant expansion similar to Solana’s Raydium network, given the surge in popularity of its meme coins. During this timeframe, Raydium has climbed into the ranks of the top Decentralized Exchanges, processing transaction volumes worth billions each month.
In just the past week, the total value processed in Tron’s decentralized exchange (DEX) market, as reported by DeFi Llama, has skyrocketed by more than 558%, reaching an all-time high of over $915 million. The majority of this trading activity occurred on SunSwap V3, with a volume of approximately $140 million, and SunSwap V2, which handled around $42.60 million.
The sun, too, experienced positive effects from comments made by Federal Reserve Chair Jerome Powell at the Jackson Hole Symposium. Powell subtly suggested that the Fed could reduce interest rates in September, which fueled additional growth in the cryptocurrency market. This surge propelled Bitcoin (BTC) to reach $62,000.
Sun Token price
For two days running, the sun has risen again, surpassing a significant barrier at $0.018, marking its highest point since March 14. It has climbed over all moving averages and the SuperTrend line as well.
The Average Directional Index (ADX) has climbed up to 52, which is its peak point since June 6. Generally, an ADX exceeding 50 suggests a robust trend in motion.
As a crypto investor, I’ve noticed that both the Relative Strength Index and the Stochastic Oscillator have moved into overbought territory, suggesting potential further growth for SUN in the immediate future. However, as investors start to cash out, a possible reversal could be on the horizon. It’s crucial to keep an eye on the $0.030 psychological level, as it might indicate significant price movements.
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2024-08-23 18:03