Crypto whales shift to Algotech presale as BONK, SUI lead losses

Crypto whales pivot to Algotech presale, as BONK and SUI struggle with significant losses, marking a notable shift in the digital asset market.

The cryptocurrency market is going through a radical change due to the actions of wealthy investors known as “crypto whales.” They have started selling off their positions in small-cap tokens such as BONK and SUI. This sudden movement of money is being fueled by the increased attractiveness of Algotech’s presale.

The aftershocks from this seismic shift in the industry have caused panic among digital asset holders with BONK and SUI leading the way down.

BONK faces bearish trends, price struggles at $0.000022 support 

BONK, the coin that claims to be “the meme killer,” finds itself in a dangerous situation amid this ongoing market chaos. Despite initial optimism and a dedicated community, the token has failed to breach a key resistance trend line, which would have allowed it to escape further decline.

Instead of that, BONK got caught up in a descending wedge pattern, which is a bearish technical formation frequently preceding more downward price activity. Short bets are being made on the meme coin as indicated by the sentiment among investors who have driven down the funding rate to -0.0215%.

At press time, BONK’s price is hanging on the $0.000022 support line, but according to bearish signals around this token, it may soon drop below this level, too. All technical indicators look bleak – for example Relative Strength Index (RSI). A lack of overbought conditions typically associated with price recoveries is suggested by the momentum oscillator being below the neutral 50.0 line.

SUI token dives 47.58% from ATH, TVL falls

While BONK’s struggles have garnered attention, the plight of SUI, the native token of the Sui blockchain ecosystem, has been equally concerning. SUI has plunged a staggering 47.58% from its all-time high of $2.18, with the current price hovering around $1.14. Over the past week, the coin dipped by 10%.

Adding to SUI’s woes is the significant decline in its total value locked (TVL), a key metric that measures the total amount of cryptocurrency locked in decentralized finance (DeFi) protocols within a particular blockchain ecosystem. According to data from DefiLlama, the token’s TVL has tumbled from its record high earlier this year, currently sitting at around $603 million.

This drop in TVL suggests a decrease in user engagement and locked funds within the Sui ecosystem, mirroring the broader negative sentiment plaguing the cryptocurrency market. Analysts point to a confluence of factors, including rising inflation concerns, ongoing geopolitical tensions, and a general risk-off sentiment among investors, as potential contributors to the downturn.

Algotech presale becomes beacon of hope amid market turmoil

Algotech (ALGT) presale meanwhile is positioning itself as a light at the end of the tunnel for those who have lost hope in these turbulent times being faced by BONK and SUI lately. This particular project seeks to provide an entirely new approach toward algorithmic trading through the employment of advanced technologies plus automation.

One thing that has really caught the attention of long-term investors here is Algotech’s variety when it comes down to different types of algorithms suitable for various market conditions and trading styles as well – not forgetting about its strong technological backbone, which can handle high volume trades without any delay or failure.

With more than $4.2m already raised during the Algotech presale stage alone this event keeps attracting lots of whales within the crypto space who are interested in finding fresh investment avenues; the current price being 0.08 ALGT tokens while the next stage going up to 0.10 ALGT only serves to heighten appeal around Algotech even further.

To learn more, visit the Algotech presale or join the Algotech community.