SUN recently dropped by 31.4% when an address associated with the foundation sold the tokens in batches. The price dropped from $0.04308 to $0.02953, coinciding with the short-term peak. Selling pressure contributed to the price drop. The sentiment translated to a drop in confidence, fueling the decline further.
SUN has now made a strong recovery and is on a trajectory to inch closer to $0.1, potentially by the end of this year. The same address that sold SUN tokens in batches later purchased them at an average price of $0.03206. The total worth of tokens purchased is reported to be approximately $39.22 million. That same address now holds 39.22 million tokens for a value of almost $1.16 million.
The SUN token is now moving upward. It has surged 6.37% in the last 24 hours and is exchanging hands at $0.03349. It has also jumped 38.94% in the last 7 days and 216.62% in the last 30 days. At the time of writing, the 24-hour trading volume has soared by 9.58%.
Near-term predictions are bullish for SUN. The token will rise as high as $0.099402 in the next 30 days, a jump of 228.08% from the current value. The closest aim it will likely achieve is $0.039448 in the next 5 days. Prevailing volatility is on the higher side despite bullish sentiments. Chances are that the volatility of 64.46% is a temporary number that will eventually fade away as the token settles in the market.
The recent batch sale is credited to the short-term peak SUN achieved. There is nothing to deny the possibility that another series of sales could happen if SUN does stand true to stated predictions. Long-term investors are likelier to stay in the market for higher profits. There is also a possibility that it will surpass the $1 mark. That will be an ideal scenario to sell unless the momentum changes its tone at that time.
Following macro trends will help SUN paint a better picture. Most of the digital tokens are down or have sustained their recent gains/losses. An upward trajectory will instill confidence in SUN’s ability to make bigger gains or gains faster.
The token prices jumped by 176% when Justin Sun published a post on X. Sun hinted last week that there was a lot of potential for SunPump to overshadow Pump.fun regarding token launches and daily revenue. Justin predicted that the network’s revenue could go as high as $4 billion in the next year, 2025.
Yet, it will be interesting to see what kind of movements the SUN makes in the next 5-30 days.
Source: https://www.cryptonewsz.com/sun-token-experiences-significant-price-drop/