SUI Dips 4.3% After Nearly Reclaiming ATH, Is Now The Time To Sell?
09 Oktober 2024 - 2:00PM
NEWSBTC
SUI has been one of the few assets that appears to be having a lone
bull run despite the struggle of certain cryptocurrencies in the
market to reclaim their major highs. Over the past month alone, SUI
has increased by more than 100%, with its 7-day performance still
seeing green up by 11.8% after nearly touching its all-time high of
$2.17 yesterday with a 24-hour high of $2.13. Although the asset is
currently facing a price decline down by 4.3% in the past 24 hours
with a current trading price of $1.99, a prominent crypto analyst
known as CryptoBullet has taken to his X account to address
investors on whether now is the best time to sell SUI. Related
Reading: Can SUI Break Past $2 Resistance? On-Chain Metrics Reveal
Growing Demand Should You Sell Your SUI Now? While it may seem
tempting for some to sell during this price dip, CryptoBullet
suggests otherwise. The analyst noted, “I know it might be tempting
to sell SUI here, but it’s the wrong timing imo [in my opinion].”
The analyst explained that the crypto is experiencing its fourth
test of the $2 level, a key technical point, adding that “the more
times a level is tested, the more likely it is to break.”
CryptoBullet believes this could indicate a bullish breakout,
pointing to the formation of a Cup and Handle pattern.
Additionally, CryptoBullet highlighted some of SUI’s achievements
that could further propel its bullish case. These include a market
cap that nearly reached $6 billion, a transaction per second (TPS)
rate exceeding 1,000 for the past three days, and SUI ranking as
the second-largest non-EVM chain by total value locked (TVL) at
$1.08 billion. Strong Growth Ahead For Ecosystem? Another crypto
analyst known as ‘Easy’ on X echoed CryptoBullet’s optimism,
comparing SUI’s potential to Solana’s meteoric rise in 2021.
According to the analyst, “Sleeping on SUI is like sleeping on SOL
in 2021.” He emphasized that SUI’s metrics, including TVL and
trading volume, are showing strong growth, which could indicate
that the crypto is poised for a significant bull run. Related
Reading: Can SUI Fall To $1.40? On-Chain Data Exposes Declining
Demand The analyst also noted the rise of memecoins on the network,
with some tokens seeing a minimum 250% increase in value over the
last 24 hours. Sleeping on SUI, is like sleeping on SOL in 2021.
SUI is going to dominate the entire bull run. All metrics are
pointing to massive growth on the SUI ecosystem From TVL to Volume,
it is gaining a level of traction that is unprecedented when
compared to other blockchains. The… pic.twitter.com/VfZ7DVZ1dz —
Easy (@EasyEatsBodega) October 7, 2024 It is easily concluded by
expressing confidence in SUI’s future growth, suggesting that the
current price could be a “steal” for long-term investors. He
revealed plans to accumulate more SUI on market dips, setting an
ambitious price target of $10 for the asset. Featured image created
with DALL-E, Chart from TradingView
Optimism (COIN:OPUSD)
Historical Stock Chart
Von Okt 2024 bis Nov 2024
Optimism (COIN:OPUSD)
Historical Stock Chart
Von Nov 2023 bis Nov 2024