While Bitcoin has seen a modest 6% increase over the past week, several altcoins have significantly outperformed the leading cryptocurrency. SUI, Zcash (ZEC), and Helium (HNT) have produced impressive double and triple-digit gains, defying the broader market’s struggle.
SUI Soars Over 100%
SUI (SUI), the 30th largest cryptocurrency by market cap, has seen a remarkable 109% surge, rising from $0.5349 on August 6 to a five-week high of $1.118 on August 12. This rally follows the launch of the Grayscale Sui Trust on August 7, which has been seen as a strong vote of confidence in SUI’s future. The technical outlook remains positive, with SUI finding strong support around $0.86, suggesting further upside potential.
BTC/USD weekly chart. Source: TradingView
Helium’s HNT Up Over 50%
Helium’s HNT has also seen a significant rise, with its price increasing by 50.98% in the past week. The surge was driven by an announcement that two major U.S. carriers are trialing offloading their mobile traffic to the Helium Network. This development could lead to a shift towards more decentralized network infrastructure. With a golden cross appearing on the daily chart and a strong RSI reading, HNT could continue its uptrend, potentially reaching its March 2024 high of $9.60.
SUI/USD daily chart. Source: TradingView
Zcash Jumps 51%
Zcash (ZEC) has jumped 51.15%, rising from $29 on August 6 to an intraday high of $44 on August 13. The rally is largely attributed to a push for a hybrid proof-of-stake (PoS) upgrade by Zcash founder, Zooko Wilcox. This move has garnered support from key industry figures like Tyler Winklevoss. However, ZEC’s current technical indicators suggest a possible correction, with its RSI reading above 70 and price trading near a strong resistance level.
Source: Grayscale
These altcoins’ impressive performances highlight the diverse opportunities within the crypto market, even as Bitcoin’s growth remains relatively subdued.
