Date: Wed, Oct 02, 2024, 05:50 PM GMT
The cryptocurrency market kicked off October with a promising green start, but the mood quickly soured as Bitcoin (BTC) saw a sharp decline, dropping to $61,000. This came amidst rising geopolitical tensions between Iran and Israel, sparking panic selling across the crypto market. However, two tokens—Sui (SUI) and Mantra (OM)—stood out by defying the bearish trend, posting significant gains.
Sui (SUI)
Sui, a Layer-1 blockchain, has been on a bullish streak. Despite the challenging market conditions, SUI surged by 5.05% today and is up an impressive 138% over the last 30 days. Even a massive token unlock worth $108 million on October 1 failed to impact Sui’s upward momentum. Adding to the excitement, SUI crossed the $1 billion mark in total value locked (TVL) yesterday, a significant milestone for the project.
Currently trading at $1.80, SUI recently cleared a major resistance level of $1.64. Analysts are now eyeing $2.18 as the next target, which could mark a new all-time high (ATH). With strong institutional backing and a robust ecosystem, SUI is well-positioned for further growth in the near future.
Mantra (OM)
Mantra (OM), part of the Real World Asset (RWA) narrative, has also managed to weather the market turbulence, gaining 5.19% today. Excitement around OM is building as the token approaches its all-time high, currently trading at $1.30. The highly anticipated launch of Mantra Mainnet this month is expected to bring more RWA partnerships into play, increasing demand for the OM token.
OM broke past a key resistance level at $1.18 and is now targeting $1.41, its all-time high, which is just 8% away. Investors are closely watching OM, as its Mainnet launch could propel the token to new heights.
What’s Ahead?
While SUI and OM are showing strong potential for further gains, it’s crucial to monitor Bitcoin’s performance. Currently trading under $61K, a dip below the $60K mark could trigger more selling pressure, which might impact SUI, OM, and the broader market.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making any investment decisions.