Kraken has shared a report with its analysis of crypto prices as of October 1, 2024, highlighting the strong growth of SUI. Meanwhile, Bitcoin (BTC) tests the resistance, Ethereum (ETH) gains ground, and Solana (SOL) remains in its range.
Kraken and the crypto price analysis: the strong growth of SUI and its possible trends for October 2024
The crypto-exchange of Kraken has released its report with an analysis of the prices of some crypto as of October 1, 2024.
Among others, Kraken highlights the strong growth of SUI during September 2024, emphasizing the 18th of the month when the crypto broke the resistance at $1.24 and started to rise.
From that moment, the price of SUI has surpassed all key moving averages and is steady in the overbought zone of the RSI.
At the time of writing, the price of SUI is $1.81, in a pump of 136% compared to thirty days ago.
According to Kraken’s analysis, this strong growth could indicate both a strong momentum of SUI but, at the same time, also a potential short-term exhaustion.
In fact, trying to give a direction of SUI for this October 2024 that has just begun, the analysts at Kraken warn that a movement towards the previous swing high at $2.17 remains possible.
However, if SUI retraces to the previous resistance level of $1.24, this would provide a solid base for a more sustained bull movement.
Kraken and the analysis of crypto prices: the situation of Bitcoin (BTC), Ethereum (ETH), and Solana (SOL)
Always trying to define the crypto situation as of October 1, 2024, Kraken then analyzed the prices of Bitcoin (BTC), Ethereum (ETH) and Solana (SOL).
The queen of crypto BTC has gradually reclaimed all the key moving averages, signaling a shift to a bull stance.
Now, BTC starts its October by testing its previous swing high near $65,000, which is acting as a key resistance level.
This consolidation near the resistance could indicate both a continuation and a potential reversal. A daily close above $65,000 would likely confirm the bull momentum, paving the way for higher levels. However, if this does not happen, a correction could be triggered, with the $60,000 region acting as the first significant support zone.
At the time of writing, BTC is worth $61,514, in a dump of -4.5% compared to 24 hours ago.
Moving to Ethereum (ETH), Kraken analysts see a potential upward movement, with the key pivot of $2,813 acting as the next resistance level to watch.
Also for ETH, these last 24 hours, however, have seen a price dump of 5.7%, bringing its value to be $2,488, at the time of writing.
Finally, a last analysis also arrives for Solana (SOL), which for Kraken seems to be stuck in a price range between $115 and $163 since August. Currently priced at $146, SOL remains in the middle of this consolidation zone, offering scarce directional indications, at least until it decisively breaks above or below these boundaries.
October: SUI is among the token unlocks of the month
Recently, it has also been analyzed that in this month of October, many token unlocks will occur, including that of SUI.
In fact, just yesterday, October 1st, SUI saw an unlocking of a good 64.5 million tokens, for a total amount exceeding 110 million dollars.
Whenever an unlock of a crypto occurs, price changes may occur due to the increase in the circulating supply.
In any case, this October, besides SUI, there will be other token unlocks such as those of IMX, CHEE, APT, AXS, and ARB.
Source: https://en.cryptonomist.ch/2024/10/02/kraken-and-crypto-prices-the-strong-growth-of-sui-and-its-next-directions/