The current status of the cryptocurrency market is well illustrated by the phrase "A rising tide lifts all boats," as the increase in Bitcoin's value has driven up the prices of alternative coins (altcoins). The SUI network's crypto tokens have been among the beneficiaries.
BeInCrypto has examined three tokens within the SUI ecosystem that are worth watching this week for their potential to experience further growth.
Walrus (WAL)
WAL has seen a significant 22% increase in the past 24 hours, currently trading at $0.504, due to heightened market volatility. The token is making efforts to surpass the $0.505 resistance level for the second time this month. If successful, it could continue its upward trend.
In the event that WAL breaks and maintains a price above $0.505, it has the potential to reach the resistance level of $0.547. Confidence from investors and stable market conditions will be crucial for sustaining any rise beyond $0.547, possibly moving the SUI ecosystem token towards $0.600 and reinforcing positive sentiment.
DeepBook (DEEP)
DEEP has surged by an impressive 116% in the last 24 hours, currently trading at $0.194, making it the top performer within the SUI ecosystem. With a strong potential for growth, DEEP is aiming to break above $0.230, indicating a bullish outlook.
A successful breach of the $0.230 mark could lead to a two-and-a-half-month peak, potentially testing $0.304 after hitting $0.170 as a support level. Continued bullish sentiment and market support could unlock further growth opportunities for DEEP and the SUI ecosystem.
Cetus Protocol (CETUS)
CETUS has experienced a 38% surge in price over the past day, reaching a high of $0.142, a level not seen in two-and-a-half months. This rise points towards a strong momentum for the altcoin, with the aim of holding above $0.142 to establish it as a firm support level for potential further gains.
The next significant hurdle for CETUS is at $0.150, marking a crucial level for the altcoin's upward trajectory. Breaking this barrier would confirm a bullish outlook for the SUI ecosystem token, with positive market sentiment and sustained demand being essential for a potential breakout.