Ethereum Foundation Moves $1.7 Million To Intensify Selling Pressure, Sui (PLX) and Pullix (PLX) Remain Unfazed
Global
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January 26, 2024 10:04 AM Central Standard Time
The cryptocurrency market has been experiencing selling pressure since the SEC's approval of Bitcoin ETFs. However, for ETH, the selling pressure has only been intensified as the Ethereum Foundation sold over $1.7 million worth of Ether.
Following the sale, ETH has dropped to multi-week lows as the crypto market corrects. Despite the bearish crypto market, top altcoins Sui (PLX) and Pullix (PLX) continue to hold steady. Let's find out how these altcoins have managed to remain bullish in the bearish market.
Ethereum Foundation Sells $1.7 Million in ETH, Price Drop Continues
Along with the crypto market, the price of Ethereum (ETH) has been in correction mode for over two weeks. However, the Ethereum Foundation has added even more selling pressure after its latest ETH token dump.
Wu Blockchain reported that the Ethereum Foundation has offloaded 700 Ether tokens worth over $1.7 million. Following the sale, ETH has been under more intense bearish pressure, dropping by 13% on the weekly chart.
From a 2024 high of $2,700, the price of Ethereum has dropped to the $2,200 support. Prominent analyst Ali Martinez has warned that ETH may potentially see a decline to the $2,000 price range after its price fell below the $2,388 support.
Pullix (PLX) Shows Strength, Attracts
Amidst the market-wide correction, Pullix (PLX) has been one of the top altcoins that have remained bullish. Following its 100% price rally over the last few weeks, this new DeFi project has attracted a ton of investors. As a result, Pullix has managed to raise over $4.29 million as the team prepares to launch its one-of-a-kind DeFi project soon.
Pullix (PLX) has piqued the interest of the DeFi market because of its unique blend of features from centralized and decentralized exchanges. As a hybrid exchange, Pullix provides a seamless user experience, allows users to control their private keys, and enhanced security.
Trading fees are also cheaper with faster processing times. However, the most talked-about feature of Pullix is its connection to multiple markets. In addition to offering crypto like other exchanges, Pullix lets users trade stocks, forex, commodities, and ETFs.
These markets are significantly bigger than crypto, with the OTC derivatives market valued at over $632 trillion in 2022. This is the major reason why market analysts are bullish about the performance of PLX. While PLX is valued at $0.08 per coin, it has been forecasted to increase up to 50x when the exchange hits the DeFi market.
Sui (SUI) Maintains Bullish Momentum
Sui (SUI), one of the highest-gaining altcoins of 2023, has sustained its bullish momentum into 2024. Unaffected by the recent crypto market correction, the price of Sui has increased by more than 43% year-to-date. This makes it one of the top performers of the early year.
There has been more activity in Sui's environment, which may be the reason for the price hike. Recently, Mysten Labs and the Sui Foundation collaborated to introduce the Sui Basecamp. This is the DeFi project's first-ever international conference. Also, Sui and Oracle Stork recently partnered to provide developers with quick pricing information.
Final Thoughts
With Ethereum failing to break free from bearish pressure, Pullix and Sui have become the go-to altcoins for investors. While Sui has been on a bullish trajectory, it looks set to be outpaced by Pullix thanks to its bigger market potential.
For more information regarding Pullix’s presale see links below:
Pullix is a new DeFi protocol that is launching a hybrid exchange that will seamlessly blend the strengths of centralized and decentralized exchanges into one unified platform. Serving as the pioneer of “Trade-to-Earn” our native token $PLX empowers the community to earn a portion of the daily revenues generated by the exchange.
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