The long-awaited Q4 has finally started and it's been a turbulent one so far. BTC fell due to the Israel/Iran FUD and most alts followed behind as is tradition. I have this unwritten rule to buy alts whenever Bitcoin drops more than 5% so the start of Uptober offered a great opportunity to catch some gems(or knives!). My logic here is that very likely altcoins will drop at least twice as much compared to Bitcoins -5% but they can also recover very fast. Then it's up to me whether to take profit or hold.
SUI
During the past week or two, there have been a couple of coins that stood out from the noise. SUI was one of those and it is getting a lot of attention among crypto enthusiasts. Before the drop, the native coin of the Layer 1 blockchain was very close to its March all-time high price($2.17) and actually, it still is.
By the time of writing this, the market seems to be recovering slowly while BTC is trading at $62.1K and SUI at $1.88. Whenever these sorts of dips happen, I try to monitor altcoins that stay relatively strong. This indicates that there isn't that much sell pressure and the asset is ready to surge again when the market sentiment shifts back to positive again.
My approach to buying SUI was to DCA during the dip and I added some at $1.86 and $1.78 levels. If BTC can bounce back and Uptober truly begins, I expect SUI to try to break its ATH very soon.
Another bullish argument for SUI is that yesterday 64 million (2.4% of circulating supply) tokens were unlocked and even though it's hard to estimate the impact because of the whole market going down, I think it wasn't significant just by looking at SUI price action during that time.
To give you another bullish reference of the $SUI price movement during the past 24 hours, here's a screenshot of my watchlist. Compared to many other assets, SUI shrugged off the FUD showing that SUI bulls are still in control.
"The next Solana killer" and "SUI is going to do what Solana did" are just a few bullish statements that keep popping onto my screen once in a while. Obviously, there's a lot of noise in the space and I'm not totally FOMOing into SUI but instead, plan to follow it closely and perhaps make further moves later this year. The first steps have been taken.
TAI
In addition to solid L1s, AI is another sector I will be focusing on this season. $TAI is still perhaps under the radar of many but it has caught my attention and I've been accumulating it a little here and there.
The force is strong with this one and quite a few bullish green lights are flashing. Tars AI has a doxxed team, is backed by Solana Foundation, and has been accepted into the Google Startup Program.
There is a lot of competition in the AI sector and obviously, not all are going to make it. Still, I plan to extend my portfolio in this sector beyond the usual TAO, FET, AKT, etc., and invest in a couple of ones with a lower market cap.
$TAI was hit much harder than SUI by the recent FUD and just like SUI, it just experienced a token unlock. That being said, the TAI market Cap/FDV ratio is 0.49 while SUI has 0.28. meaning almost half of the total supply is already in circulation.
The price of $TAI is currently at $0.1322 and I added it twice at levels of $0.1369 and $0.1318. TAI has a market cap of only $58 million and I consider it a great high-risk/high-reward -token to grab with a modest amount.
GRASS
Last but not least I want to mention $GRASS. Even though it's not on the market yet, those of you who were farming it are probably eagerly waiting for the airdrop which I feel is very close. I usually sell 75%-100% of the airdrops I'm receiving but with $GRASS, I might make an exception and actually start holding it for a longer term as part of my AI/DePIN portfolio.
Here's a bullish X thread I wanted to share. It's a bit technical but if you are still unsure what to do with $GRASS and are interested in AI, I recommend checking it out.
Conclusion
I'm actually in the middle of kinda re-branding my blog and moving from airdrop posts to more general crypto topics. I'm thinking about sharing trades like these, digging deeper into potential projects, trying to find some real alpha for you guys, and of course, not completely abandoning juicy airdrop news and updates.
I really appreciate you following my blog and would be grateful for any comments and suggestions. For more daily crypto bits, check out my X account, and let's connect! 🤝
Thank you for reading!
DISCLAIMERS:
- This is not a financial advice
- Chart photos from Coingecko
Earn With TON mini-games:
Even though the Hamster Kombat S1 was a disappointment to many, there are many others I'm counting on. At the end of my blog posts, I list the most promising TON apps & games and keep them updated. Consider using my ref links and check these out 👇
🔹 Blum - play mini-game and complete tasks to earn Blum points (pre-market trading live on Whales Market!)
🔹 Wizzwoods - cool strategy game (Berachain + Tabi)
🔹 TON Station - very simple farming game with a lot of potential
🔹 Agent 301 - perhaps the next $DOGS
🔹 Tomarket - hurry up! airdrop in October
❗ I don't recommend investing any money into TG games. The actual airdrop might not cover the amount you put in.
Posted Using InLeo Alpha
I can see SUI smashing its ATH no problem, but I would hardly call the unlocks bullish! Plus the 60% of future unlocks to insiders! Thats a lot of unlocks to be absorbed... we are barely in profit since the token launch too... when do you plan to exit?
Well, I guess unlocks are never bullish but compared to the upcoming TIA unlocks, that 2.4% was peanuts and easily absorbed. I plan to exit sometime at the beginning of next year, lot of competition coming up: Movement, Berachain & Monad so probably going to move to those when the time comes. Gonna see how the chain continues to grow though but SUI for me isn't a long-term investment.
Makes sense. I don't see many dapps on SUI, but would be good to see a 10x or so there.
Yeah, that would be a good target, and a realistic one too in a full-blown bull market!
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