Is SUI the Next Big Thing? You Won't Believe What Just Happened! 😱

After a major drop, Sui’s new wallets and active addresses surged over the last 24 hours. Who knew wallets could be so popular? 👜
SUI’s value declined by 26.14% over the aforementioned period. Ouch! That’s gotta hurt! 😬

Over the past month, SUI has been playing a game of “let’s see how low we can go” between $2.4 and $3.7. As of now, it’s trading at $2.55 after a dramatic 9.8% fall. Talk about a rollercoaster ride! 🎢

Equally, the altcoin has been on a downward spiral, depreciating by 10.07% and 26.14% on the weekly and monthly charts, respectively. Someone call a lifeguard! 🏊‍♂️

But wait! Before you start crying into your crypto portfolio, there’s a glimmer of hope! Active users are surging like they just found out there’s a sale on avocado toast. 🥑 Sui’s active addresses have climbed by a whopping 110% to hit 1.5 million. Can I get a “Yay!”? 🎉

With all these new faces, it seems like SUI is becoming the hottest club in town. When active addresses rise, it usually means investors are either coming back for more or new ones are crashing the party. 🎊

According to Artemis (not the goddess, but close), these active addresses are mostly new wallets, with SUI seeing 1.2 million new wallets and 243.5k returning wallets. It’s like a reunion, but with less awkward small talk! 😅

This massive influx of new wallets could mean SUI is in high demand. Especially with new investors flocking in like it’s Black Friday! 🛍️

Interestingly, it seems these addresses are mostly bullish, ready to accumulate the altcoin like it’s the last slice of pizza at a party. 🍕 This bullishness is reflected in SUI’s weighted sentiment, which has climbed to levels last seen in September 2024. Who knew sentiment could be so dramatic? 🎭

When weighted sentiments turn positive, it means most users are feeling good about the network and expect it to grow. Fingers crossed! 🤞

Can SUI see a trend reversal?

With all these metrics hitting their highest levels in 6 months, it seems investor sentiment is finally leaning bullish. It’s about time! 🕰️

This shift is evidenced by Sui’s Funding rate OI weighted turning positive. Previously, it had been negative for 2 days, which is like a bad hair day for altcoins. During that time, it hit a 3-week low. Yikes! 😱

So, this sudden reversal implies that investors are now feeling optimistic and are taking more long positions, even paying a premium for the privilege. It’s like they’re buying the VIP tickets to the SUI concert! 🎤

In simple terms, SUI is experiencing a shift from bearish to bullish. This has resulted in more addresses being opened. If these addresses turn into strong demand, SUI could reclaim $2.8 and make a daring attempt towards $3. Go, SUI, go! 🚀

However, with sellers still lurking around, further selling could see a retrace to around $2.4. It’s like a game of tug-of-war, and we’re all just here for the snacks! 🍿

2025-03-09 04:14

Is SUI the Next Big Thing? You Won’t Believe What Just Happened! 😱

Can SUI see a trend reversal?

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