The global crypto market fell, with the total market capitalization decreasing by 4.25% to $2.16 trillion. Sui (SUI), Near Protocol (NEAR), Litecoin (LTC), and Polkadot (DOT), saw significant price declines over the past 24 hours.
Sui Price Drops After Strong September Performance
Sui (SUI), one of the trendiest crypto assets in recent weeks, is quickly losing ground after more than doubling in value during September. Currently trading at $1.86, SUI has dropped by 1.16% over the past day, bringing its cumulative seven-day growth to just 6.50%.
Coin Signals attributes the decline to Tuesday’s massive unlock of over $100 million tokens, predicting a potential correction to the $1.5 level. Despite the ongoing dip, SUI continues to boast a 30-day gain of over 152%.
Near Protocol Shows Strength Despite Decline
Near Protocol (NEAR) is currently trading at $4.89, reflecting a 9.94% decrease in the past 24 hours and a 7.82% drop over the last week. Despite this decline, some analysts remain bullish on NEAR’s future.
Crypto analyst Michael Van de Poppe suggested that NEAR could reach as high as $20 in the near term, citing strong fundamentals. He believes the recent drop back to the $4 support level “indicates that upward momentum is next.”
Meanwhile, pseudonymous market commentator “Profit Demon” highlighted that NEAR has broken out of a descending channel pattern. He suggested that after a brief correction, its next targets could be the $7.70 and $8.80 ranges.
Litecoin Remains Below Key Averages
Likewise, Litecoin (LTC) has decreased 5.66% over the past day, bringing its price to $64.09. This intraday drop weakened its bullish performance last week, and it is now at 2.3% negative growth.
Read also: Crypto Market Shake-up: Litecoin, FET, and TAO in Focus
While the market expects a rebound, an analyst has urged caution, noting that LTC remains below its 200-day moving average. The analyst highlighted dollar-cost averaging levels at $58.82 and $46.34, suggesting these as potential buying levels if the price were to dip further.
Polkadot Approaching Key Breakout Levels
Polkadot (DOT) is currently trading at $4.19, reflecting a 7.54% drop over the past day and a 9.69% decrease over the last week.
Analysts are watching DOT closely as it approaches the end of a year-long accumulation phase. Market analyst Lucky noted that DOT is nearing a breakout from a descending triangle pattern, which could lead to significant price movement in the coming weeks.
The decline in these altcoins aligns with the broader downtrend in the crypto market. Bitcoin trades at $61,374, down 3.89% in the last 24 hours, while Ethereum is at $2,485, down 6.3% over the same period.
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