The current cryptocurrency market requires clarity as neither news, technical analysis, nor positive developments seem to impact token prices. Despite this ambiguity, both SUI and MINA tokens have experienced significant price surges.
The primary driver behind the remarkable increase in the SUI token’s price is its Total Value Locked (TVL), which has seen a substantial increase. In contrast, the notable price surge of the MINA token can be attributed to its ongoing reversal.
The reason behind the price increase of the SUI token
Examining the Total Value Locked (TVL) of the SUI token reveals a continuous increase in its value over the last 30 days, while other chains are still grappling with struggles. Presently, SUI’s Total Value Locked stands at $441.54 million, and in the last 24 hours alone, it has witnessed a 4.8% increase. If we analyze SUI’s TVL over a more extended period, it has surged by over 35% in the last 7 days, surpassing SOLANA’s TVL. Over the last 30 days, its value has escalated by an impressive 109%, outperforming other top 10 chains, including Ethereum, TRON, and SOLANA.
Traders and investors are showing increased confidence in the SUI token due to its recent partnership with Alibaba Cloud. Presently, SUI is trading around $1.6, experiencing a notable 15% upside price momentum in the last 24 hours. Over a more extended period, in the 7 days following the Alibaba Cloud partnership, its price has surged by over 45%, and in the last 30 days, the SUI token has experienced an impressive 103% upside momentum.
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Why MINA token price surge?
Another altcoin gaining attention is MINA, which has observed a substantial 10% price surge. Currently trading near $1.18, MINA experienced over 10% upside momentum in the last 24 hours. Examining MINA over a more extended period reveals a significant 15% upside momentum in the last 7 days but a 13% downside momentum in the last 30 days.
According to expert technical analysis, on December 24, 2023, the MINA token broke out and closed above the $1.04 level, marking a crucial breakthrough. Previous attempts to breach this level had failed, making this breakout significant.
Following this breakout, the MINA token’s price has continuously surged, experiencing over a 50% upside momentum. As per technical analysis, the price is expected to decline to the breakout level for a retest, and after finding support, the price is anticipated to continue its upward trajectory which is what currently MINA token is experiencing.
