BNB, SUI, and TRX Attempt to Buck Bearish Market Trend as BTC Drops 11% (Market Watch)

Chapter.com)—The cryptocurrency market continues to face sharp declines, driven by Bitcoin’s (BTC) 11.25% drop over the past three days. BTC has lost nearly $12,000 in value, now trading at $94,715, with $1.10 billion liquidated across the market. BNB, SUI, and TRX have not been immune to this downturn, reflecting the broader bearish sentiment sweeping the market.

The cryptocurrency market faced sharp declines, driven by Bitcoin's 11.25% drop over three days. BTC lost nearly $12,000, trading at $94,715, with $1.10 billion liquidated. BNB, SUI, and TRX also declined, reflecting the broader bearish sentiment.

BNB took a step toward greater U.S. accessibility with the launch of the Osprey BNB Chain Trust on the OTCQX® Best Market. The trust offered a pathway for traditional investors to gain exposure to BNB, considering its absence on centralized exchanges in the United States.

BNB's presence on OTCQX could expand its reach among institutional investors, boosting its visibility and liquidity in the traditional financial markets. At the time of writing, BNB traded at $702, having retreated slightly from its all-time high of $780.

Despite its dominance in the decentralized finance (DeFi) sector, challenges such as sandwich attacks, which impacted over 35% of BNB's November blocks, remained a concern for the network's performance and security.

Binance co-founder Changpeng "CZ" Zhao expressed enthusiasm for the trust, highlighting the community-driven approach and strong interest in BNB beyond centralized exchanges.

SUI's price movement in 2024 reflected a remarkable upward trend, with the token gaining over 500% to peak at $4.85. Currently trading at $4.12, SUI consolidated within a rising channel, with its 50-day Moving Average at $3.57 providing robust support. This technical level prevented further downside, signaling bullish sentiment among investors.

The token's Relative Strength Index (RSI) stood at 52, suggesting it had room for further upward movement without being overbought. Analysts identified targets of $7.73 in early 2025, reflecting optimism about SUI's ability to maintain its upward trajectory.

Crypto analyst Greny suggested that SUI could outpace other altcoins, setting ambitious price targets of $25 by the end of 2025.

Tron's TRX token also faced the market downturn, dropping 8.43% in the last 24 hours. The recent news highlighted Bitget's acquisition of $10 million in TRX to enhance blockchain access for its users.

The Tron network, which supported over 279 million user accounts and held $7.57 billion in total value locked, continued to play a significant role in the DeFi sector. TRX was currently priced at $0.2521.

Despite the recent decline, TRX had gained 24.02% over the past month. Tron's low transaction fees, averaging 1.21 TRX, drove growth in daily active addresses, now reaching 2.87 million.

Justin Sun, the founder of Tron, emphasized the collaboration's impact, stating, "This partnership with Bitget aligns with our mission to empower developers and enhance global accessibility."

BNB, SUI, and TRX's trajectories were influenced by shifting market dynamics, ongoing developments, and network upgrades. These factors shaped their performance and traders' strategies in the cryptocurrency market.