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Crypto Master Says SUI Price Risks Extended Consolidation Amidst Elluminex And Chainlink’s Fight For Market Dominance

Crypto Master Says SUI Price Risks Extended Consolidation Amidst Elluminex And Chainlink’s Fight For Market Dominance

For over two decades now, blockchain networks like Sui (SUI) Network and other legacy networks like Ethereum have relied heavily on cross-chain bridge solutions like Chainlink (LINK) to thrive in the over-saturated crypto market.

While traditional bridge solutions like Chainlink come with several limitations including reliance on centralized components, interoperability constraints with external data sources, and unser complexity to mention a few, new decentralized alternatives like Elluminex (ELX) are set to set new standards for cross-chain solutions.

Elluminex’s Cross-Bridge Solution To Revolutionize DeFi On TON Blockchain

Aside from being a decentralized cross-chain solution, Elluminex (ELX) also doubles as a DeFi Hub that houses various DeFi solutions including a DEX protocol, staking and farming mechanism, and cross-chain liquidity for TON-based projects. More specifically, Elluminex is set to expand DeFi capabilities on the TON blockchain in a manner similar to Uniswap for Ethereum, and PancakeSwap for Binance Smart Chain (BSC).

At its core, Elluminex combines the tokenomics of its native $ELX token, AI-driven insights, and proprietary premarket features. This unique combination is aimed at revolutionizing asset management and trading as a whole, particularly for TON users. By offering tailored features like an AI-powered portfolio tracker as well as early access to TON projects, Elluminex provides equal opportunities for new and experienced users to become profitable. 

Additionally, new projects can also leverage Elluminex’s cross-chain solutions as well as its vast liquidity required to thrive on the TON Network. This way, the TON Network is well-equipped to compete with established chain networks like Chainlink. Meanwhile, Elluminex gains exposure to the TON Network’s massive user base, which equally aids its growth. Given its positive outlook, the native $ELX token, now priced at $0.06, has a huge potential to become the next 100X token.

Chainlink Token’s Monthly Gain Shrinks Amidst Price Retracement

The price of Chainlink (LINK) has retracted a bit in the past week following a broader market correction. Now trading within a week-to-date price range of $26.10 and $23.12, LINK’s price reflects a noticeable decline that shrunk its monthly income to a bare minimum. 

However, LINK price still maintains a generally bullish momentum considering it still holds on to over more than half year-to-date (YTD) and doubles, of over 61K CMC members voting in favor of a bullish trajectory. Meanwhile, LINK token’s technical analysis including Relative Strength Index (RSI), and Moving average points suggests a neutral position for LINK price movement.

Sui Price Dips Below $4 Amid Broader Market Correction

Similar to Chainlink, the Sui (SUI) token is also not immune to the broader market correction, sliding below the $4 crucial level to trade within a weekly price range of $4.62 and $3.70. Having dipped by a quarter in the past week, the SUI token has now lost all its monthly gain while hitting a two-month low.

While the current price level doubles as a strong support zone, Should the SUI price hold strongly above this level, then there could be a potential price rebound. However, looking closely at technical analysis like the short and mid-short term Moving Averages, LINK price movement suggests the current trend may persist for a little longer.

Collaborating this claim, popular crypto analyst Crypto Master pointed out in a recent X post that SUI price may face an extended retracement. According to his analysis, if the SUI price fails to hold above the current support level, then it may risk retesting lower zones below $2.16 where its main support zone lies. 

Can Elluminex Surpass Chainlink’s Cross-Bridge Endeavors?

Unlike Chainlink, Elluminex is completely decentralized and is primarily hosted on a rapidly growing blockchain. 

Besides its exposure to the TON Network’s massive user base as well as TON’s association with over 1 billion active Telegram users, the Elluminex DeFi hub also holds a lot of unrealized potential that could transform the future of cross-bridge solutions. These, alongside its lucrative potential, can help Elluminex outperform Chainlink and other traditional cross-chain models.

For more information about Elluminex (ELX) visit the links below:

Website: https://elluminex.com
Twitter/X: https://x.com/elluminex
Telegram: https://t.me/Elluminex

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