Over the past seven days, several altcoins have made impressive gains, posting some of the most notable gains in a while. This impressive rally highlights the changing market sentiment and the lucrative opportunities that can arise in the top 100 cryptocurrencies.
While many of these altcoins have seen increased demand, this analysis focuses on the top five coins that have seen price increases of at least 30%. These are Bittensor (TAO), Immutable (IMX), Sui (SUI), Sei (SEI), and Aptos (APT).
Bittensor (TAO)
TAO, the native token of Bittensor, a blockchain-based machine learning network, has gained 95% in the past week. This impressive performance has made TAO one of the top performing altcoins of the past week.
The TAO price rally is tied to the overall rally in AI-based cryptocurrencies. Some of the key catalysts are also related to the Grayscale TAO Trust and several recent developments in the AI space .
From a technical perspective, the daily chart shows that the cryptocurrency previously formed an inverse head and shoulders pattern. This rising pattern was instrumental in TAO holding the $298.07 support level and bouncing back above the $349.75 resistance level.
Currently, TAO is priced at nearly $570, but the Relative Strength Index (RSI) is above 70, indicating overbought conditions. This could allow investors to take profits and pull back to $484.13.
However, the Moving Average Convergence Divergence (MACD) is still positive, indicating that the uptrend continues. If this trend continues, the price could rise to $700 instead of falling.
Immutable (IMX)
Immutable (IMX), known as the first layer-2 scaling solution for Ethereum (ETH), is the second altcoin to gain more than 30% in the past week.
During this period, IMX gained 43% but met resistance at $1.80 and fell back to $1.75, which is the current trading price. The Bull Bear Power (BBP) on the daily chart indicates that the bulls are ready to push IMX higher once again.
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If this prediction is confirmed, the cryptocurrency’s value could rise to $1.95. However, Immutable is scheduled to release 32.47 million tokens on October 4. This expected supply shock could hinder the expected rise of IMX. In that case , the price of IMX could fall to $1.55 .
Sui (SUI)
SUI, the native cryptocurrency of the Layer-1 blockchain , is one of the altcoins that has shown remarkable performance not only last week but also over the past 30 days .
Over the past 7 days , the price of SUI has risen by 40% and is currently at $1.55 . Meanwhile, the daily SUI/USD chart shows an increase in the Money Flow Index (MFI). This increase indicates increasing buying pressure. However, the MFI can also indicate that the cryptocurrency is overbought or oversold.
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A reading below 20.00 indicates oversold conditions. However, the current reading above 80.00 indicates overbought conditions. Therefore, the token may fall to $1.37 after meeting resistance at $1.59.
On the other hand, if the bulls continue to show their strength, the price of SUI may break through the resistance line. This will push the altcoin up to $1.88 and eventually reach $2.
Sei (SEI)
Known as one of the fastest layer-1 blockchains, SEI’s native token is one of the altcoins that has seen a gain of over 30%. Currently trading at $0.36, SEI formed an ascending triangle on the daily chart from August 26 to September 17. Eventually, the token broke above the triangle, confirming the price rally, which led SEI to gain 33%.
