The digital currency, known as SUI, which operates on the Layer-1 Sui blockchain network, has faced heavy selling due to the ongoing market downturn. However, despite today’s 10% drop, the current price chart and technical structure suggest that SUI might reach a new peak.
The crypto coin called SUI, running on the Sui blockchain network, is being sold off due to the market crash. Despite a 10% decline today, its charts and technical setup indicate potential for a record high price.
Currently, SUI’s price is dropping by 9.68%, standing at $4.38 per token. The daily trading volume has significantly increased by approximately 82%, reaching a staggering $1.63 billion. According to CoinGlass data, the liquidations within the last 24 hours have surpassed $10 million. Out of this total, over $9 million were long liquidations.
For the last ten days, the SUI funding rate has consistently been positive, indicating unwavering optimism among traders even after the recent price decrease. This prolonged perspective implies that market participants are anticipating a rise in SUI prices and possibly a fresh all-time high. The bullish attitude prevalent within the SUI community might fuel the necessary energy for a comeback.
Source: Coinglass
From a broad viewpoint, SUI’s Relative Strength Index (RSI) consistently hovers above the 50.0 mark, which is considered bullish territory. While there are slight dips hinting at minor bearish activity, these fluctuations aren’t substantial enough to trigger significant price drops. This stability actually strengthens the possibility of a future price change in an upward direction.
As a crypto investor, I find it reassuring that the Relative Strength Index (RSI) is currently within bullish territory. This suggests that there’s consistent buying pressure in the market, which could potentially halt any further declines in SUI’s value. If this positive trend continues and the RSI either holds steady or rises even more, it may fortify SUI’s potential for recovering recent losses and reaching a new all-time high (ATH).
Source: TradingView
SUI Price Rally to Continue Among Strong Inflows?
In the past 24 hours, I’ve noticed a significant surge in inflows for the SUI altcoin, which stands out amidst the broader crypto market experiencing substantial selling pressure, placing it second only to Solana.
Source: Artemis
Over the past day, the price of SUI has dropped by over 10%, falling below its important support of $4.79 and currently trading at $4.35. However, if positive market conditions prevail, the resistance at $4.79 could potentially become new support. In this case, SUI might surge back towards its previous record high of $5.36, setting the stage for a fresh all-time high.
Source: TradingView
If SUI falls beneath the $4.35 support level towards $4.05 or even lower, the optimistic view might be disproved. This decrease in value may spark pessimism among investors, leading to increased selling, possibly causing further price drops. Such a decline could potentially hamper SUI’s future recovery efforts.
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2025-01-13 18:18