QNT retreated from its local top, ADA flashed sell signals, while SUI may be gearing up for a huge pump.
The past week has been quite turbulent for the trending altcoin QNT, whose price ultimately increased by an additional 130%.
Cardano’s native token has also performed well lately, but certain factors suggest it may soon head south. Meanwhile, SUI has risen by 17% over the last seven days, with prevailing predictions that it could enter a full-blown bull run in the near future.
QNT’s Performance
In mid-September, the token was worth around $60, yet a combination of bullish elements triggered a massive rally. The main catalyst was the announcement that The Clearing House (which operates payment networks that process over $2 trillion each day) selected Quant to power its On-Chain Money Initiative.
At one point, QNT exploded to a five-year high of nearly $370, yet the bulls could not sustain the momentum, and it currently trades around $235. That still represents a stunning 300% jump over two weeks.
Despite the evident reversal from the local peak, the coin remains the subject of bullish price predictions. Ali Martinez outlined $430 as a key resistance level, which sits at the top of a certain channel. In his view, a decisive breakout above could result in a parabolic expansion toward $2,000.
On the other hand, the popular trader Doctor Profit recently cashed out his entire position in the token, claiming the environment is not comfortable.
“I respect everyone’s decision, but I prefer to be transparent about mine. Even if I sold early and it goes higher, I’m happy with my decision,” he concluded.
ADA Pullback on the Way?
The asset had a successful September, recording a 25% jump and surpassing $0.25. Nonetheless, Martinez pointed out several elements, including the recent whale activity, that could trigger a price retreat.
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Large investors have offloaded 90 million units (worth over $22 million) since September 20. Moreover, the Tom DeMark Sequential indicator flashed a sell signal on ADA’s daily chart on September 26, while open interest fell 9% in a week.
The analyst focused on $0.24, calling it key mid-range support. He thinks a break below this level could lead to a further drop to $0.21, while holding above it could offer the next buying opportunity, targeting the channel top near $0.28.
SUI’s Potential
The altcoin currently trades around $1.18, up 15% for the week, and has a market capitalization of almost $5 billion. A few days ago, Martinez suggested that it is on the verge of printing a new golden cross, with the 50-day moving average starting to cross the 200-day MA. According to him, this is a major bullish signal that could mark the beginning of a long-term rally toward $4.
Earlier today (October 2), he commented on the token again, saying SUI has developed an interesting pattern over the past few weeks. The analyst noted that since September 12, the price has repeatedly consolidated within parallel channels before breaking higher.
“This sequence has already played out three times: consolidation, breakout, consolidation, breakout. Now, SUI appears to be building another parallel channel. The key level I’m watching is $1.27. An hourly close above it could confirm another bullish breakout and potentially mark the beginning of the next leg higher,” he concluded.