Altcoin Surge: BONK, Fantom & Sui Lead the Rally!

Market Overview

In the past 24 hours, the global crypto market has experienced a 0.95% decrease, bringing the total market capitalization to $2.25 trillion. However, the market’s trading volume surged by 31.83%, reaching $81.14 billion. The total volume in DeFi currently stands at $4.6 billion, accounting for 5.67% of the total crypto market’s 24-hour volume.

Trading Volume and Market Dominance

Meanwhile, stablecoins make up 91.83% of the trading volume, with $74.51 billion in transactions. Bitcoin’s dominance slightly dropped by 0.19% to 55.87%, followed by Ethereum at 14.1%. Despite the overall market correction, some assets, including BONK, Fantom (FTM), and Sui (SUI), showed strong gains.

Bonk (BONK)

BONK is currently trading at $0.00002572, having surged by 9.37% in the last day. This rally was fueled by a substantial 67.62% increase in trading volume, pushing it to $489.57 million, with a Market Cap Ratio of 27.15%.

The market sentiment remains bullish, with the Relative Strength Index (RSI) hovering at 74.83, indicating overbought conditions. BONK has consistently stayed above key moving averages, with:

• Support: $0.00002170
• Resistance: $0.00002590

The overall momentum suggests further potential upside, but traders should remain cautious of a possible correction due to the elevated RSI.

Fantom (FTM)

In the past 24 hours, Fantom climbed 9.01%, reflecting growing investor confidence, especially after an 8.30% rise in its market cap, with a 24-hour volume of $276.68 million. Its Volume/Market Cap Ratio stands at 15.33%.

The RSI stands at 68.27, nearing overbought territory, signaling caution for investors as momentum approaches a peak. FTM’s moving averages show a bullish alignment, with:

• Support: 9-day moving average at $0.6798
• Resistance: $0.7360

If the upward trend continues, Fantom may see additional gains, but the market could soon face consolidation.

Sui (SUI)

Sui (SUI) also posted notable gains, rising 8.96% to $1.89. Its market cap reached $5.17 billion, with a Market Cap Ratio of 3.40%. The market sentiment remains positive, with the RSI at 60.03, showing a healthy balance between buyers and sellers.

SUI’s price is well-supported by the:

• Support: 21-day moving average at $1.82
• Resistance: $1.91

As long as volume sustains, SUI has the potential to breach higher resistance levels, maintaining its upward trajectory.