Crypto Market Update: Sui and Uniswap Show Promise for Gains

Sui and Uniswap are demonstrating potential for gains in the coming week, with Sui extending its gains by 4% on Friday after rallying nearly 14% this week. Uniswap has also begun its recovery, adding nearly 4% in value on Friday after experiencing a nearly 8% loss in value on the weekly timeframe.

Bitcoin Eyes Recovery

Bitcoin, the largest cryptocurrency, lost nearly 3% of its value this week but is beginning its recovery. At the time of writing, BTC posted nearly 3% gains on the day, hovering above $94,000.

Altcoins Sui and Uniswap Show Potential for Gains

While Bitcoin eyes recovery, altcoins Sui and Uniswap show potential for gains in the coming week. Sui could extend its rally and climb higher, while Uniswap is currently erasing losses from the past week. SUI and UNI trade at $5.0865 and $13.371, respectively.

On-Chain and Technical Indicators Support Gains

Uniswap’s on-chain indicators support a bullish thesis for the DeFi token. The Network realized profit/loss metric shows a slow down in profit-taking by UNI token holders in the last two weeks. This typically reduces selling pressure on the token.

Bullet points highlighting key on-chain indicators for Uniswap include:

  • The Volume is in an upward trend, between December 28 and January 10.
  • The UNI token supply held by large wallet investors has climbed consistently since mid-December.
  • The Binance funding rate has been positive consistently for nearly a month, supporting a bullish thesis for UNI price.

Sui’s trade volume is also in an upward trend with tall positive spikes between December 27 and January 10. In the same timeframe, funding rates aggregated by SUI have turned positive across top exchanges, and the price climbed.

What to Expect from SUI and UNI Next Week

UNI is consolidating close to $13.05, the 50% Fibonacci retracement level of its rally from $6.640 to $19.459. A key technical indicator, the Relative strength index, supports further gains in UNI. RSI is sloping upwards and reads 44, close to the neutral level.

Traders should keep an eye on the Moving average convergence divergence indicator, which flashes red histogram bars under the neutral line, meaning there is underlying negative momentum in UNI price trend.

If UNI extends its gains, the DeFi token could target the January 6 high of $15.595, marking a 17% gain in the token’s price.

SUI is in an upward trend that started in November 2024. The token of the Layer 1 blockchain is close to its peak of $5.3772. SUI could continue its uptrend and rally towards the 127.2% Fibonacci retracement at $6.4037.

SUI could rally 26% and test resistance at $6.4037. RSI and MACD support a bullish thesis for the Layer 1 token, with RSI sloping upwards and reading 60. MACD shows green histogram bars above the neutral line, signaling positive momentum is the underlying SUI price trend.

State of the Crypto Market

David Morrison, Senior Market Analyst at Trade Nation, notes,

“Bitcoin is looking a bit perkier this morning and has made back most of yesterday’s losses.”

Analysts at Crypto Finance observe that BTC faced another headwind this week as the US Department of Justice announced approval to liquidate 69,000 BTC seized from the Silk Road. Despite this, BTC has held on to key support at around $92,000, but a break below this level could pave the way for a deeper pullback.

Reason for Optimism as US Regulatory Outlook Improves

David Carlisle of Elliptic notes that 2024 has been a year of important developments that will have an impact on the crypto space for years to come. Carlisle believes that in 2025, crypto policy and regulation could make strides, with banking regulators potentially lowering barriers to engagement with crypto for financial institutions.

Key appointments by the incoming President could influence the regulatory and policy approaches to crypto in the US, leading to a more conducive environment for crypto demand.

Stay up-to-date with the latest crypto news and trends on Global Crypto News.

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