Outside Source
Sun Token price continued pumping on Friday, Aug. 23, making it one of the best-performing cryptocurrencies this week.
Sun (SUN) surged to a high of $0.028, marking its highest level since December 2021 and a staggering 526% increase from its lowest point in 2023. Its market capitalization has grown significantly, rising from $101 million on Aug. 17 to over $276 million.
Sun’s jump mirrored the performance of other tokens in Justin Sun’s ecosystem. Tron (TRX) rose to $0.1660, its highest level since May 2021. Similarly, BitTorrent (BTT) soared to $0.0000010 while Just (JST) reached $0.034, 40% above its lowest level this year.
SUN’s price surge is supported by the recovery in the total value locked (TVL) in its DeFi platform, which has reached $758.7 million, the highest level since November 2022.
Traders hope that Sun’s ecosystem could see robust growth as we saw with Solana’s Raydium network as its meme coins gained popularity. In that period, Raydium has become a top-ten Decentralized Exchange, handling billions of volumes each month.
According to DeFi Llama, the total volume handled in Tron’s DEX ecosystem rose by over 558% in the last 7 days to a record high of over $915 million. Most of this volume was in SunSwap V3, which handled $140 million followed by V2, which processed $42.60 million.
SUN also benefited from comments made by Federal Reserve Chair Jerome Powell at the Jackson Hole Symposium. Powell hinted that the Fed might start cutting interest rates in September, which spurred further gains in the crypto market, with Bitcoin (BTC) rising to $62,000.
Sun Token price
Sun rose for the second consecutive day, crossing the crucial resistance point at $0.018, its highest swing on March 14. It has soared above all moving averages and the SuperTrend indicator.
The Average Directional Index has risen to 52, its highest level since June 6. An ADX above 50 typically indicates strong momentum.
The Relative Strength Index and the Stochastic Oscillator have both entered extreme overbought territory. Given these signals, SUN is likely to continue rising in the short term, but a reversal may occur as investors begin to take profits. The key psychological level to watch will be $0.030.
This article first appeared at crypto.news
