The post SUN Coin Price Recorded 470% Gain: Analysts Predict More Price Surge Ahead appeared first on Coinpedia Fintech News
Sun Token (SUN), the cryptocurrency from the TRON network, has experienced an impressive surge of over 470% in just one week. The coin, which was trading at $0.009, has jumped to $0.03735, drawing considerable attention in the crypto community.
This dramatic price increase is largely attributed to a recent tweet from TRON founder Justin Sun, announcing the launch of SunPump, which sparked the surge.
SUN Coin Records 470% Surge
Launched over four years ago, SUN Token initially aimed to be a store of value like Bitcoin. However, after a supply hyperinflation crash in 2021, the token shifted its focus to decentralized finance (DeFi) on the Justwap and Justlend platforms.
With its renewed utility, SUN is now targeting a $1 billion market cap, currently standing at $377 million.
$SUN #SUN +470% https://t.co/vEQQ0Lu3zI pic.twitter.com/dgelKlnEJh
— Captain Faibik (@CryptoFaibik) August 24, 2024
Renowned crypto analyst Captain Faibik highlights SUN’s extraordinary growth over the past week. The price, which began at $0.009, has soared to $0.03735. This remarkable 470% increase signals a strong bullish trend that investors are closely watching.
What’s Driving the Surge?
The recent surge in SUN’s price is largely attributed to a tweet from TRON founder Justin Sun. He announced the launch of SunPump, a new platform on the Tron blockchain focused on generating and trading memecoins.
Justin Sun teases official launch of Sun PumpOn the X social media platform, Tron founder Justin Sun spoke in a Space to reveal plans to officially launch Sun Pump, a platform on the Tron blockchain dedicated to generating and trading memecoins, according to Odaily. He noted…
— CoinNess Global (@CoinnessGL) August 20, 2024
Justin Sun’s strategy to boost the network’s revenue—projected to exceed $4 billion next year involves leveraging meme coins and adjusting network fees. SunPump has quickly outpaced its Solana-based rival, Pump.fun, in terms of tokens launched and daily revenue, contributing to the recent rise in $SUN’s price.
What Next For Sun Token?
SUN has recently broken out of a long period of price stability and is now trending upwards, with support from rising EMA lines. However, the appearance of large bullish candlesticks indicates that a pause or correction might be approaching.
Even though SUN has seen a significant price increase, analysts are suggesting that a price pullback could be near. The token’s recent breakout from its consolidation phase is notable, but signs of buyer exhaustion are starting to appear.
Perhaps recent data from Coinglass shows that while traders are still opening long positions, the volume has only increased by 31% in the last 24 hours. This suggests that buyers might be getting tired.
