A highly regarded cryptocurrency trader continues to express optimism about a competitor to Solana (SOL) that has recorded substantial gains in recent months. The pseudonymous trader known as The Flow Horse informs his 200,300 followers on the social media platform X that the layer-1 blockchain Sui Network (SUI) is poised to sustain its upward trajectory as long as it maintains a critical support level.
The trader presents information from cryptorank.io illustrating a significant token unlock scheduled for early next month. Token unlocks can occasionally induce price adjustments as they introduce a fresh supply of tokens available for sale. Nevertheless, The Flow Horse contends that the market will readily assimilate the new tokens, resulting in sustained growth for SUI.
“Still a SUI bull as long as it is holding $1.30. Decent unlock coming up in a month that should bake in some hedging pressure that ends up buying back either way. Think this goes much higher.”
At the time of writing, SUI is priced at $1.51, marking an increase of over 2% in the past 24 hours.
Concurrently, the trader is adopting a bearish stance on Monero (XMR), the foremost privacy-centric cryptocurrency in the market, as well as other similar projects. His remarks come shortly after Binance, the world’s largest cryptocurrency exchange, announced its decision to discontinue support for XMR.
“Privacy-focused chains stand little chance, and any pursuit of them poses risks. If this isn’t evident, you may be overly idealistic…
To clarify, I believe in the right to privacy, but my perspectives may not align with reality.”
At the current time, XMR is priced at $131.11, reflecting an increase of almost 17% over the past 24 hours.
Regarding Bitcoin, the trader suggests in a recent strategy session that there’s a chance Bitcoin (BTC) might not experience a substantial price correction leading up to the April halving event, as it has in previous cycles. Bitcoin’s halving, which halves miners’ rewards, occurs approximately every four years.
“The [Bitcoin halving] is the most reliable narrative this market has ever had. And it’s also the only narrative that really has any kind of traction outside of crypto natives… It’s one that’s gonna be on CNBC. It is going to be in your face a lot more. It’s worked in the past. It’s a small sample size, but it’s all we have. And, again, [it is] the most reliable narrative that crypto has had that has lifted every single boat.
So we’re coming up on that. There’s been sell-offs into prior halvings that were 30% to 50% plus right before. But if we’re still just strong into halving, like drifting up higher, that’s probably it honestly. Let’s say nothing happens besides we go sideways with a slight positive drift. So positive drift for me into major events – pretty telling.”
At the moment of writing, Bitcoin is priced at $43,449, showing a marginal increase over the past 24 hours.
