Date: Thu, Sept 19, 2024, 05:43 AM GMT
The cryptocurrency market has entered a bullish rally after a major decision by the US Federal Reserve to cut interest rates by 50 basis points. The news was welcomed by investors, with the market showing positive reactions across the board. Bitcoin (BTC) surged by 2.91% over the last 24 hours, pushing its price above $62,000.
Layer 1 tokens, in particular, have seen impressive gains. Sui (SUI), Sei (SEI), and Fantom (FTM) are experiencing double-digit percentage increases today, making them key tokens to watch.
1. Sui (SUI)
Sui, a first-of-its-kind Layer 1 blockchain known for its smart contract platform, is on a tear today, climbing 15.91%. It’s currently trading at $1.3830, closing in on its key resistance level of $1.41. Should the bullish momentum continue and SUI breaks through $1.43, it could rally further, with potential targets at $1.71 and $2.17. This would represent a possible 50% upside from its current price, making it one of the hottest tokens to watch.
2. SEI (SEI)
SEI, a platform designed for developing groundbreaking applications, has surged by 23.07% and is currently priced at $0.3389. SEI has made a strong breakout, crossing a key downtrend line at the $0.3097 level. If this momentum holds, SEI could target the next resistance level at $0.3592, offering a 6% upside. With more bullish sentiment building, further upside targets may soon come into play.
3. Fantom (FTM)
Fantom, a smart contract-enabled blockchain platform, has also seen significant gains, soaring by 15.87% today. FTM is trading at $0.6673, having already made a breakout similar to SEI, resulting in a 35% surge over the past 7 days. If the current bullish rally continues, FTM could push toward $0.8518, offering a 29% upside from its current level.
With the market turning bullish following the Fed’s rate cut and the crypto market’s traditionally strong Q4 performance, there are clear signs that a potential bull run is on the horizon. Chart momentum and market sentiment are both pointing in a positive direction.
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