Can SUI repeat its 360% surge after recent 13% loss? Assessing…

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  • SUI has remained bullish despite experiencing two bearish cycles.
  • Can it replicate this success once again?

As a researcher with over a decade of experience in the crypto market, I have witnessed numerous bull and bear cycles that have shaped my perspective and taught me valuable lessons. SUI’s recent performance has been intriguing, to say the least. Despite experiencing two consecutive bearish cycles, it has managed to maintain its bullish stance. This resilience is reminiscent of a phoenix rising from the ashes – a symbol I have come to associate with cryptocurrencies.

Ranking among the biggest weekly decliners, the value of Sui (SUI) has plummeted by more than 13%, returning to around $1.70. On a daily basis, it dipped close to 10%. This recent slide comes after a robust September surge that pushed SUI above $2.30.

With some investors leaving positions perceived as weak, the current pricing could seem inviting for fresh investments. Yet, considering the escalating market-wide volatility, is it plausible that SUI will buck the trend and experience a comeback?

History may be repeating itself

Following a six-month period of decline, SUI saw a notable surge starting in early August, largely due to assistance from Grayscale, enabling traders to gain indirect access to the asset.

Boosted exposure underscored SUI’s swift transaction rates and intelligent contract functionalities, making it easier for investors to truly understand its practical value.

Consequently, the token experienced a significant and continuous increase for two straight months, culminating in a breathtaking leap of 360% that brought it to an unprecedented peak of $2.30. This growth occurred despite two periods of downturn or bearish cycles.

A pattern that resembles the past is becoming apparent now. Previously known as Twitter, they’ve just unveiled a plan to incorporate MemeFi, the biggest game on Telegram, into the Sui network. Once more, this underscores its remarkable speed capabilities.

Source : Artemis Terminal

As a crypto investor, I’ve noticed that this latest development is indeed promising and helps keep the positive vibe going. However, when it comes to my token of choice, the effect on its daily transactions – which is essentially its unique selling point – remains relatively insignificant.

Daily transactions declined from 4.8 million to 4.6 million, along with other key metrics.

On the other hand, it’s worth noting that the number of new wallets joining our ecosystem has significantly grown. It went up from 90,000 to 130,000, indicating a surge in market curiosity.

This development is significant for two reasons : new buyers are viewing the current price as a market bottom, and it indicates growing optimism about SUI’s future potential – a bullish sign. 

SUI may be strategizing on THIS for a rebound

In contrast to the past period, the Relative Strength Index (RSI) didn’t reach the 70 mark that typically indicates an overbought market; instead, it is currently at a less intense level, indicating modest buying interest.

Source : TradingView

Although it might seem pessimistic, the present situation might instead stimulate ongoing purchasing enthusiasm since there’s little sign of intense selling pressure on the horizon.

With an increase in newly created wallets, there’s a strong possibility that the token will recover. This could occur by exploiting the current market turbulence to lure investment capital away from expensive high-cap altcoins and towards less costly options instead.

Read Sui’s [SUI] Price Prediction 2024-25

As a crypto investor, I’m keeping my fingers crossed that SUI might buck the trend one more time and possibly rebound towards $2. However, if the general market mood stays gloomy, SUI might even set a new all-time high price.

Keeping a close eye on two vital indicators – the emergence of fresh interest and the behavior of other alternative cryptocurrencies – is indispensable.

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2024-10-27 03:04