- SUI could be gearing up for a breakout as weak hands exit the market.
- If this happens, a shift in rankings among the top 20 might follow.
As a seasoned researcher with over a decade of experience in the cryptocurrency market, I’ve seen my fair share of bull runs and bear markets. The recent trend of SUI (SUI) is particularly intriguing, given its impressive growth in such a short span.
Over the last 30 trading days, SUI has outperformed Litecoin [LTC] in terms of market capitalization. The expanding user community appears to be driving this notable increase in value.
However, a recent weekly pullback of over 3% has landed SUI on the top losers chart.
The difference led experts at AMBCrypto to consider if the recent decline was intentionally designed to eliminate less committed investors, potentially paving the way for a more powerful surge that might take SUI towards $2.40.
If it stumbles, NEAR might lose its place among the top 17 cryptocurrencies by market capitalization. Conversely, Litecoin seems ready to regain its position if it maintains its current trajectory.
SUI hits a transactional milestone
It’s worth noting that SUI has shown significant growth trends for the past two months. Even amidst bearish phases, the buyers have successfully kept prices from dropping, preserving the recent support point at $0.53.
Currently priced at $2.06, SUI is displaying noteworthy growth in a brief period. This rapid rise culminated in a substantial spike, as the Relative Strength Index (RSI) exceeded its upper limit.
Regardless of some worries, the token continues to move upwards with just slight setbacks, these bumps being skillfully ironed out by strong investor backing.
The strength of this system is supported by its design, which strives to tackle issues faced by conventional blockchains by allowing for quicker transactions without causing network congestion.
Reaching 270,000 transactions per second (TPS), SUI has struck a chord with cryptocurrency users and has impressively handled $6 billion worth of transactions.
This success propelled SUI to an ATH of $2.40 just a week ago.
Consequently, since the high price point suggested a possible peak, numerous wallets chose to sell off their assets. This action resulted in a substantial decrease in daily transactions, with the figure dropping nearly in half to approximately $20 million.
This pattern indicates that the increase in profits has caused several parties to benefit, leading those with less secure positions to leave.
To see a recovery, it’s important for new investors to look towards the local low of $2 as a possible dip, where they can expect a potential rise that might bring significant profits.
As a crypto investor, I’m optimistic about SUI’s trajectory if the current trend persists. This could mean a powerful comeback for SUI, possibly reaching new all-time highs (ATH). Such a development might even cause a shuffle in the rankings among the top 20 cryptocurrencies, potentially moving SUI up the ladder.
Intense rivalry ahead
Interestingly, even though SUI saw a significant increase in activity over the last two months, day-to-day trading still resulted in sellers unloading their positions, reducing the total traded volume to approximately $30 million per day.
On the other hand, the price appears to have leveled off, hinting at possible accumulation by investors, an important factor that could lead to a recovery.
Over the past week, SUI has come very near to the $2.05 level due to a temporary dip in its value. This situation presents an excellent opportunity for investors to jump in. It appears that some are taking advantage of this trend, as suggested by the recent downturn (the “red wick”).
Read Sui’s [SUI] Price Prediction 2024-25
Should the current pattern continue, it seems possible that the value of SUI might experience a substantial drop close to $2. A recent MACD crossover indicates a shift in trend towards bears, suggesting potential price decreases unless active traders significantly boost their purchases.
If the revived curiosity leads to approximately $2, a strong recovery might ensue. Nonetheless, for SUI to exceed NEAR, the recovery should push SUI prices up to roughly $2.40.
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2024-10-20 14:14