During the third week of September 2024, altcoins such as Sui, Celestia, and Fantom experienced significant gains.
Sui (SUI) led the charge with a remarkable 54% increase, driven by its integration with USDC and a growing Total Value Locked (TVL). In this analysis, we spotlight the top altcoin performers of the week and explore the factors behind their rises. The standout gainers include Fantom (FTM), Celestia (TIA), and Sui (SUI).
Sui (SUI)
Sui, the native cryptocurrency of the Layer-1 blockchain, emerged as the top altcoin gainer with a 54% price increase this week. This surge has propelled its market capitalization beyond that of Uniswap (UNI), Kaspa (KAS), and the Artificial Superintelligence Alliance (FET). The price spike to $1.5556 is likely linked to its recent partnership with Circle (USDC). Additionally, Sui’s TVL reached an all-time high of $870.14 million, signaling increased trust and a robust ecosystem. Technically, Sui broke through a key resistance level at 1.0091, reached the 2.618 price zone of 1.3440, and moved past a former support level of 1.5556, now acting as resistance. However, if profit-taking occurs, SUI might face a correction.
Celestia (TIA)
Celestia’s price dipped to $4.53 on Monday but rebounded with a 43% increase following the announcement of rate cuts. It successfully broke through the 0.5 and 0.786 resistance levels, reaching the 1 Fibonacci level at $6.20. If investors decide to take profits, we might see a retracement to the 5.236 or 4.9013 price zones.
Fantom (FTM)
Fantom’s price rose nearly 39% this week, fueled by growing excitement around the upcoming Sonic upgrade, which may involve a token migration from FTM to “S.” FTM broke through resistance zones at 0.4951 and 0.5275, reaching the Fibonacci level of 0.6326. If the upward momentum continues, it could climb to 0.8026 and even 1.0776. However, profit-taking could lead to a pullback to the 0.5410 or 0.5107 zones.
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