Meme Coin Market Cap on SUI is Up 30% in 24 Hours, Is 'SUI Season' on the Horizon?

Indeed, among the foremost narratives driving gains this cycle, meme coins are at the forefront, and their native chains appear to be the biggest beneficiaries. With a 30% market cap leap in Sui native meme coins, the SUI price itself has seen a notable 7.58% gain.

This rise affirms recent bullish SUI projections, reclaiming some of the losses since last Wednesday, though it is still down 6.91%. However, this is relatively minor in the face of the 99.79% gain over the past month.

The momentum doesn’t appear to be slowing either, as trading volume jumps 14.5% to $2 billion over the past 24 hours.

SUI Price Anaysis: Is ‘SUI Season' on the Horizon?

While fundamentals bolster SUI's potential this cycle, technical indicators also favor further appreciation. Most notably, the formation of a bullish flag pattern sets eyes on a new high.

Following a breakout of a multi-month cup-and-handle pattern, the SUI price appears to be consolidating within a descending channel, forming a flag, before its next move up.

This channel may be nearing its end, though, as the Relative Strength Index (RSI) has found its footing in the neutral zone at 59 after a stint in overbought territory. However, the MACD line still remains below the signal line, indicating that the bulls have yet to fully take control.

Therefore, SUI may not see major upwards momentum in the coming days, potentially retesting the $2.9773 support to reaffirming the patterns lower boundary before another breakout attempt.

If the flag pattern materializes, it sets a potential price target of $5 running into 2025, representing another 50% advance on current prices.

As Meme, This Low-Cap Gem is Gaining Steam

While another SUI price rally is certainly appealing, it is meme coins that are feeding it. As "meme coin supercycle" sentiment takes hold and coins like $ACT and $Pnut experience sudden rises to prominence, strategic investors are looking to newer, high-potential low-cap meme coins.

Among them, Catslap ($SLAP) stands out as a credible contender to the likes of Popcat, Mogcat, and Mew.

Catslap is far beyond a mere meme coin; it’s an addictive gamified experience that calls its holders into competition, clicking to increase their country’s score and move up the Slapometer.

This feeds heavily into what analyst Murad Mahmudov notes a paradigm shift towards "movement coins" poised to reshape the crypto landscape.

These community-centric meme coins hold exponential growth potential, forming ideologies and deep-rooted engagement. Something which may be credited to its instant success, amassing a $23.5 million market cap so far!

And the gains don't stop there. $SLAP also presents a passive income opportunity, offering 40% APY to its staked investors. While the market wanes amidst Bitcoin's recent volatility, Catslap investors have been raking in consistent gains!

Join the Catslap community on X and Telegram to stay up to date on the latest announcements.

BUY $SLAP NOW

The post Meme Coin Market Cap on SUI is Up 30% in 24 Hours, Is ‘SUI Season' on the Horizon? appeared first on Cryptonews.