Despite a sideways Bitcoin price action, Mantle's MNT and SUI Network's SUI are experiencing major price rallies on Wednesday. At press time, both smart contract tokens are up 40% and 12.2%, leading the pack of top 100 digital assets. This shows a growing investor interest in the L1 and L2 networks.
On the other hand, AI coins have taken a back seat with Bittensor (TAO), Akash Network (AKT), and OriginTail (TRAC), dropping 5-9% in the last 24 hours. Nevertheless, a few AI coins like Fetch.AI (FET), Singularity.NET (AGIX), and Ocean Protocol (OCEAN) still managed to post 10%-20% gains.
On Wednesday, Total3, which is a measure of the total altcoin market capitalization, was up $8.34 billion. This shows that the capital is flowing into altcoins. Technical analysis further reveals a potential 8% upside in Total3 from its current level.
The native cryptocurrency of the Mantle layer two networks, MNT, is on a phenomenal run today. In the last 24 hours, MNT price has surged 40%, forming a new all-time high of $1.47. After a slight correction, the Mantle token is trading at $1.38 on Wednesday afternoon.
The bullish price action is supported by a constant increase in TVL on the layer 2 blockchain. As of March 27, $268 million worth of funds are locked on the network. These TVL stats solidify Mantle's position as a major layer two blockchains.
Technical analysis of the MNT/USD daily chart depicts a massive breakout above the diagonal resistance line as shown in the chart below. If this breakout gets confirmed, I expect a strong, bullish continuation in the coming days. However, a pullback can push the price toward the $1.08 level.
SUI is a layer one blockchain network that went live in 2023. Within a very short time, it has established its position as a leading layer one smart contract ecosystem with a total locked value (TVL) of $716 million. SUI crypto is the native gas token of this evolving ecosystem, and it is up 9% today. On a YTD basis, this translated into a 166% gain.
Just like MNT, SUI price has also formed a new all-time high around $2.10, and the bulls are targeting more upside. However, for the outlook to remain bullish, bulls must strengthen their hold above $2, turning it into a demand zone.
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