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BNB, SUI, and TRX Slip Amid Broader Crypto Market Downturn
As the global cryptocurrency market continues to face a sharp downturn, driven by Bitcoin’s (BTC) 11.25% decline over the past three days, BNB, SUI, and TRX have also succumbed to the pressure.
The recent drop in value has seen BNB trade at $702, having retreated from its all-time high of $780. The token is still a significant player within the decentralized finance (DeFi) sector, despite concerns over sandwich attacks that impacted nearly 35% of November blocks. This setback notwithstanding, enthusiasm remains strong for BNB, with Osprey Trust launching the Osprey BNB Chain Trust on OTCQX Best Market. The move allows traditional investors to gain exposure to BNB without having to navigate centralized exchanges in the United States.
This development has been welcomed by CZ, co-founder of Binance, who praises the community-driven approach as a testament to the strong interest in BNB beyond traditional exchange boundaries.
SUI, on the other hand, is consolidating within a rising channel. The token’s 50-day Moving Average remains robust support at $3.57, indicating a lack of downward momentum for now. A current RSI reading of 52 suggests SUI has room to move upward without being overbought. Analysts predict that this bullish trend will continue, with potential price targets reaching as high as $7.73 in early 2025.
In the meantime, SUI is expected to reach ambitious levels such as $25 by year’s end, a notion supported by crypto analyst Greny, who forecasts its outperformance against other altcoins.
Lastly, TRX, Tron’s native cryptocurrency, has also felt the market downturn. Despite this setback, TRX remains strong in its ability to expand blockchain access and support over 279 million user accounts holding $7.57 billion in total value locked.
Recent developments include Bitget acquiring a significant amount of TRX worth $10 million to further grow decentralized finance on the Tron network.
As TRX currently trades at $0.2521, it has lost nearly 8.43% over the last day but continues to show resilience with a month-over-month gain of 24.02%. The transaction fees on Tron remain remarkably low, averaging just 1.21 TRX, which has fueled substantial growth in daily active addresses now reaching 2.87 million.
The founder of Tron, Justin Sun, emphasizes that this partnership aligns with the mission to empower developers and enhance global accessibility.
Source: coinchapter.com
