The cryptocurrency market is buzzing after the Federal Reserve's recent rate cut decision, sparking a bullish rally. Historically, October has been strong for crypto, and traders anticipate big gains this year. Layer-1 tokens like Sei (SEI) and Sui (SUI) are leading the charge.
Sei (SEI) Growth
Sei (SEI) has surged an impressive 16% today, contributing to a 38% rise over the past 7 days. At the time of writing, SEI was priced at $0.5115. Earlier, on Sept 20, SEI broke out of a downtrend, crossing a key level at $0.3097, paving the way for today’s price jump. Currently, SEI is trading just under a minor resistance level at $0.5217. If the current bullish momentum continues and SEI breaks through this resistance, we could see it climb to $0.5807—an additional 11% upside from its current price.
Sui (SUI) Growth
Sui (SUI), a permissionless smart contract platform utilizing the Move programming language, has been on an impressive run, surging 124% over the past month. This rally has been fueled by the launch of the Sui Trust fund by Grayscale, boosting investor confidence in the project. At the time of writing, SUI is trading at $1.82, having recently broken past the $1.72 level. With no significant resistance ahead, SUI is now eyeing its next target of $2.18, a 17% increase from the current price, which would also mark a new all-time high. Given the strong upward momentum, SUI appears well-positioned for further growth and could potentially set new record highs soon.
Conclusion
The Federal Reserve's rate cut decision has contributed to a bullish cryptocurrency market, notably benefiting Layer-1 tokens like Sei and Sui. This upward trend is expected to continue in October, a historically strong month for cryptocurrencies.
The cryptocurrency market is seeing significant activity following the Federal Reserve's rate cut. Layer-1 tokens continue to show strong growth due to increased investor confidence and lack of key resistance levels. Sei and Sui are in the spotlight thanks to their impressive performances.
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