The third week of December has been off to a mixed start for many altcoins. While some coins saw significant gains, others continued to consolidate. Today, none of the most talked-about altcoins saw significant price gains. Crypto analyst Victor Olanrewaju took a detailed look at SUI Coin and two other altcoins trending in the market.
Valve (VANA): Entered a Downward Trend$VANA
Valve is an AI-powered Ethereum Virtual Machine (EVM) Layer-1 blockchain platform that helps users turn their personal data into financial assets. VANA has been garnering attention recently for two reasons in particular. First, the project launched its mainnet on December 16 and distributed some tokens to protocol users via airdrop. However, some airdrop recipients on the X platform have expressed dissatisfaction with their allocations.
The second major development was that several crypto exchanges started listing VANA. However, Binance delayed the listing by a few hours due to technical difficulties and regulatory hurdles. Following these developments, VANA’s price has fallen by 15% in the last 24 hours. At the time of writing, VANA is trading at $20.29 with a market cap of $610.55 million. If the market-wide downtrend continues, the price is likely to fall further. However, if perceptions change, the altcoin could recoup these losses.
VIRTUAL (VIRTUAL): Lost Value
VIRTUAL was once again among the top trending altcoins this week. However, unlike the rise it experienced in the past weeks, it did not show any significant increase in the last 24 hours. During this time, the altcoin lost 6.40% of its value. On the 4-hour chart, the price is about to fall below the 20-period Exponential Moving Average (EMA). A price moving above the EMA usually indicates an uptrend. However, in the current situation, the price is likely to fall below the EMA. If this is confirmed, VIRTUAL is likely to fall to $1.91. However, if the bulls try to prevent the price from falling to this level, the altcoin could rise to $3.34.
Sui (SUI): An Unstable Market$SUI
SUI Coin, the native token of Layer-1 blockchain platform Sui, is another altcoin that has been trending quite a bit in recent days. However, unlike other coins, SUI Coin has been consolidating in the same price range since its recent all-time high. As of Sunday, SUI Coin was trading between $4.60 and $4.80, reflecting the indecision between buyers and sellers.
The RSI (Relative Strength Index) confirms that the price is moving indecisively. If the RSI is positive, the momentum is bullish; if it is negative, it is bearish. At the time of writing, the RSI is trading at the neutral 50 levels, indicating that the price of SUI Coin may continue to consolidate around $4. If selling pressure kicks in, a drop to $3.53 is possible. However, if the bulls take control, SUI Coin has the potential to rally to $6.