<![CDATA[<figure class="image"><img src="https://cimg.co/news/123732/327085/image.jpg" alt="" srcset="https://cimg.co/news/123732/327085/responsive-images/image___media_library_original_1280_717.jpg 1280w, https://cimg.co/news/123732/327085/responsive-images/image___media_library_original_1200_672.jpg 1200w, https://cimg.co/news/123732/327085/responsive-images/image___media_library_original_900_504.jpg 900w, https://cimg.co/news/123732/327085/responsive-images/image___media_library_original_720_403.jpg 720w, https://cimg.co/news/123732/327085/responsive-images/image___media_library_original_600_336.jpg 600w, https://cimg.co/news/123732/327085/responsive-images/image___media_library_original_300_168.jpg 300w" sizes="100vw" width="1280" class="content-img"><figcaption>Source / Sam Cooling x MerlinLightWorks</figcaption></figure>Sui Network's (SUI) attempted recovery rally appears to be breaking down, following a double-barrelled rejection from the descendant lower trendline - leaving disparate bag-holders asking is Sui Blockchain going to zero?The +40% recovery rally was triggered by a bounce off lower trendline support on August 17, and saw SUI price surge across 7-days to reclaim the 20DMA and hit a local high at $0.60.However, while the SUI token has struggled to perform in a choppy market climate, the new layer-1 (which aims to deliver higher-speed <a href="https://cryptonews.com/guides/what-is-a-smart-contract.htm">smart contracts</a>) has seen constant growth and development within the ecosystem.<figure class="media"><oembed url="https://twitter.com/SuiNetwork/status/1696613765066944947"></oembed></figure>Indeed, the Sui blockchain is undergoing immense growth - with active accounts almost doubling in the last week.<h2 id="strong-sui-price-analysis-is-sui-blockchain-going-to-zero-strong">SUI Price Analysis: Is Sui Blockchain Going to Zero?</h2>Amid the rejection, SUI is still trading high in the channel, at a <a href="https://www.tradingview.com/symbols/SUIUSDT/">current market price</a> of $0.52 (representing a 24-hour change of -3%).<figure class="image"><img src="https://cimg.co/news/123732/327080/image.jpg" alt="" srcset="https://cimg.co/news/123732/327080/responsive-images/image___media_library_original_1634_901.jpg 1634w, https://cimg.co/news/123732/327080/responsive-images/image___media_library_original_1200_662.jpg 1200w, https://cimg.co/news/123732/327080/responsive-images/image___media_library_original_900_496.jpg 900w, https://cimg.co/news/123732/327080/responsive-images/image___media_library_original_720_397.jpg 720w, https://cimg.co/news/123732/327080/responsive-images/image___media_library_original_600_331.jpg 600w, https://cimg.co/news/123732/327080/responsive-images/image___media_library_original_300_165.jpg 300w" sizes="100vw" width="1634" class="content-img"><figcaption>TradingView / SUI USDT</figcaption></figure>This comes following two failed tests of topside resistance from the upper trendline (which has haunted price action since June).Critically, the recent rejection has seen a tumble below the only recently reclaimed 20DMA, this weakens SUI's technical structure on the short-time frame and suggests downside moves are likely.Worse still, SUI's descendant range appears to be narrowing in a bearish pendant pattern.Yet, there is still some relief to be found in SUI's indicators, with the RSI showing an <a href="https://cryptonews.com/guides/how-to-buy-altcoins.htm">oversold signal</a> at 42 - indicating the capacity to push up once more.This is matched by the MACD which displays bullish divergence at 0.0028, again reflecting a potential chance for a bounce.Overall, the double rejection from the upper trendline, combined with the loss of 20DMA support could spell disaster for SUI price action on the short-time frame.<figure class="image"><img src="https://cimg.co/news/123732/327079/image.jpg" alt="" srcset="https://cimg.co/news/123732/327079/responsive-images/image___media_library_original_1634_901.jpg 1634w, https://cimg.co/news/123732/327079/responsive-images/image___media_library_original_1200_662.jpg 1200w, https://cimg.co/news/123732/327079/responsive-images/image___media_library_original_900_496.jpg 900w, https://cimg.co/news/123732/327079/responsive-images/image___media_library_original_720_397.jpg 720w, https://cimg.co/news/123732/327079/responsive-images/image___media_library_original_600_331.jpg 600w, https://cimg.co/news/123732/327079/responsive-images/image___media_library_original_300_165.jpg 300w" sizes="100vw" width="1634" class="content-img"><figcaption>TradingView / SUI USDT</figcaption></figure>Upside targeting is limited here, at the descendant upper trendline just above the 20DMA at $0.59 (a possible +11.7%).While downside risk also remains limited, with a nearby lower support level at $0.50 (a potential -5.35%).&nbsp;This leaves SUI with a risk: reward ratio of 2.19 - a surprisingly good entry despite apparent weakening of technical structure.However, while <a href="https://cryptonews.com/coins/sui/">SUI remains in troubled waters</a>, smart money have already continued rotating capital into the latest and greatest of On-Chain Summer - and Sonik coin could be the next big meme coin to explode.<h2 id="strong-is-sonik-coin-the-next-big-meme-coin-to-explode-with-750k-raised-in-presale-strong">Is Sonik Coin the Next Big Meme Coin to Explode With $750K Raised in Presale?</h2><figure class="image"><img src="https://cimg.co/news/123732/327081/image.jpg" alt="" srcset="https://cimg.co/news/123732/327081/responsive-images/image___media_library_original_1200_800.jpg 1200w, https://cimg.co/news/123732/327081/responsive-images/image___media_library_original_900_600.jpg 900w, https://cimg.co/news/123732/327081/responsive-images/image___media_library_original_720_480.jpg 720w, https://cimg.co/news/123732/327081/responsive-images/image___media_library_original_600_400.jpg 600w, https://cimg.co/news/123732/327081/responsive-images/image___media_library_original_300_200.jpg 300w" sizes="100vw" width="1200" class="content-img"><figcaption>Source / Sonik Coin</figcaption></figure><a href="https://cryptonews.com/ext/sonik/en">Sonik Coin ($SONIK),</a> which is not only making waves in crypto markets, but also racing - with the audacious goal of exploding when the presale ends in just 6 days.And given the current trajectory, this aspiration may soon be a reality - as this rockstar presale has surged to a jaw-dropping +$759,000 raised in less than a week.<figure class="media"><oembed url="https://twitter.com/Sonikcoin/status/1696840242060276210"></oembed></figure>But what has got markets so excited about the unlikely Sonik coin? The answer is in the APY - let's dig down into this further.<h2 id="strong-sonik-presale-gotta-go-fast-as-investors-flood-in-to-claim-209-staking-apy-strong">Sonik Presale 'Gotta Go Fast' as Investors Flood-in to Claim 209% Staking APY</h2><figure class="image"><img src="https://cimg.co/news/123732/327082/image.jpg" alt="" srcset="https://cimg.co/news/123732/327082/responsive-images/image___media_library_original_1600_513.jpg 1600w, https://cimg.co/news/123732/327082/responsive-images/image___media_library_original_1200_385.jpg 1200w, https://cimg.co/news/123732/327082/responsive-images/image___media_library_original_900_289.jpg 900w, https://cimg.co/news/123732/327082/responsive-images/image___media_library_original_720_231.jpg 720w, https://cimg.co/news/123732/327082/responsive-images/image___media_library_original_600_192.jpg 600w, https://cimg.co/news/123732/327082/responsive-images/image___media_library_original_300_96.jpg 300w" sizes="100vw" width="1600" class="content-img"><figcaption>Source / Sonik Coin</figcaption></figure>&nbsp;An intriguing 50% of the mammoth 300 billion $SONIK supply has been allocated for early investors, making it a limited-time golden opportunity.&nbsp;With each token priced at a meager $0.000014, enthusiasts have the perfect entry point, especially before its much-anticipated debut on Uniswap post-presale.&nbsp;This decentralized exchange is a powerhouse, and $SONIK's presence there will undoubtedly amplify its visibility manifold.But Sonik Coin is more than just another meme coin, the staking APY of an <a href="https://cryptonews.com/ext/sonik/en">astounding 209%</a> speaks volumes about its potential returns.&nbsp;Staking not only adds an avenue for passive income, but its inclusion also showcases the team's commitment to longevity and stability.&nbsp;The idea? By staking, holders are encouraged to hold onto their tokens for more extended periods, thus mitigating volatile price swings and cementing a firm foundation for steady growth.<h2 id="strong-sonik-coin-follows-in-early-footsteps-of-pepe-in-pursuit-of-viral-success-strong">Sonik Coin Follows in Early Footsteps of PEPE in Pursuit of Viral Success</h2><figure class="image"><img src="https://cimg.co/news/123732/327083/image.jpg" alt="" srcset="https://cimg.co/news/123732/327083/responsive-images/image___media_library_original_1000_1000.jpg 1000w, https://cimg.co/news/123732/327083/responsive-images/image___media_library_original_900_900.jpg 900w, https://cimg.co/news/123732/327083/responsive-images/image___media_library_original_720_720.jpg 720w, https://cimg.co/news/123732/327083/responsive-images/image___media_library_original_600_600.jpg 600w, https://cimg.co/news/123732/327083/responsive-images/image___media_library_original_300_300.jpg 300w" sizes="100vw" width="1000" class="content-img"><figcaption>Source / Sonik Coin</figcaption></figure>Now, let&rsquo;s talk about $PEPE, Pepecoin's <a href="https://www.tradingview.com/chart/?symbol=OKX%3APEPEUSDT">astronomic growth</a>&mdash;delivering jaw-dropping returns of over <a href="https://www.tradingview.com/chart/?symbol=OKX%3APEPEUSDT">10,000</a>% to early backers&mdash; has set a precedent.&nbsp;<figure class="image"><img src="https://cimg.co/news/123732/327084/image.jpg" alt="" srcset="https://cimg.co/news/123732/327084/responsive-images/image___media_library_original_1534_861.jpg 1534w, https://cimg.co/news/123732/327084/responsive-images/image___media_library_original_1200_674.jpg 1200w, https://cimg.co/news/123732/327084/responsive-images/image___media_library_original_900_505.jpg 900w, https://cimg.co/news/123732/327084/responsive-images/image___media_library_original_720_404.jpg 720w, https://cimg.co/news/123732/327084/responsive-images/image___media_library_original_600_337.jpg 600w, https://cimg.co/news/123732/327084/responsive-images/image___media_library_original_300_168.jpg 300w" sizes="100vw" width="1534" class="content-img"><figcaption>TradingView / PEPE USDT</figcaption></figure>Given $SONIK&rsquo;s innovative staking model and the infectious enthusiasm around its branding (a nod to the ever-popular Sonic the Hedgehog), it's poised for a similar, if not more impressive, trajectory.The transparent, community-centric vision of the <a href="https://cryptonews.com/ext/sonik/en">Sonik Coin's founders</a>, paired with its tantalizing staking rewards and the buzz it has already generated, sets it apart in a sea of meme coins.&nbsp;<figure class="media"><oembed url="https://www.youtube.com/watch?v=e_MwNeyGALQ"></oembed></figure>Check out the Sonik <a href="https://t.me/Sonikcoin">Telegram </a>and <a href="https://twitter.com/Sonikcoin">Twitter </a>here.If history and market patterns tell us anything, the early bird catches the worm. Or in this case, rides the supersonic wave.<a href="https://cryptonews.com/ext/sonik/en">Buy Sonik Here</a>Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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Is Sui Blockchain Going to Zero? SUI Price Falls as Wider Crypto Market Bounces and Sonik Coin Secures $750,000

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