A widely respected cryptocurrency analyst believes that a hot Solana (SOL) competitor will soon hit a new all-time high (ATH).
Crypto trader Michaël van de Poppe told his 729,500 followers on social media platform X that Sui (SUI) could rise more than 23% from its current value.
“Sometimes you have to be patient. We previously shared this on SUI and indicated the level ($1.79). It got there and had a strong bounce of close to 10%. I think we will continue towards the highs of SUI, reaching $2.25-$2.50.”
SUI is trading at $2.03 at the time of this writing, up 134% since September 11, when it was trading at $0.867. SUI’s all-time high was reached at $2.17 in March.
Next, the analyst says Bitcoin (BTC) could head much higher after recovering from Thursday’s decline to the $58,000 level.
“Bitcoin absorbed liquidity and showed an upward trend. It is trading above $60,000 and it is very likely that the correction is over. A break above $62,300 could lead to things moving quickly. Buy some dip.”
Analysts also predict that changes in macroeconomic conditions, including further interest rate cuts by the Federal Reserve, will push investors toward riskier investments such as Bitcoin.
“There is a huge monthly weakness difference in US 2-year and 10-year yields. We expect this to continue to decline as the labor market weakens. With BTC leading the market, risks are likely to arise from QE (quantitative easing) and further interest rate cuts starting in November.”
Bitcoin is trading at $62,286 at the time of writing, up more than 2% in the last 24 hours.
Don’t miss a beat – subscribe to get email alerts delivered straight to your inbox
Check Price Action
follow us XFacebook, Telegram
Daily Hodl Mix Surfing
 
Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and you will be responsible for any losses you may suffer. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.
Image created by: Midjourney