In a volatile cryptocurrency market, where many assets struggle to reclaim their previous highs, SUI stands out with a remarkable independent bull run. Over the past month, SUI has surged by more than 100%, with a notable 11.8% increase in its 7-day performance. Recently, SUI nearly reached its all-time high of $2.17, hitting a 24-hour peak of $2.13. Despite a current price dip, which sees the asset trading at $1.99—a 4.3% decrease in the last 24 hours—there is reason for optimism.
Should You Sell Your SUI Now?
Amidst this price fluctuation, investors may feel tempted to sell; however, renowned crypto analyst CryptoBullet advises against it. He mentions, “I know it might be tempting to sell SUI here, but it’s the wrong timing in my opinion.” According to CryptoBullet, SUI is undergoing its fourth test of the critical $2 level, a significant technical milestone. The analyst explains that repeated tests of a level often precede a breakthrough, hinting at a potential bullish breakout.
The formation of a Cup and Handle pattern further supports this outlook. CryptoBullet also highlights SUI’s impressive achievements, such as its market cap approaching $6 billion and a transaction per second (TPS) rate exceeding 1,000 for three consecutive days. Moreover, SUI ranks as the second-largest non-EVM chain by total value locked (TVL) at $1.08 billion, further fortifying its bullish case.
Strong Growth Ahead For Ecosystem?
Another crypto enthusiast, known as ‘Easy’ on X, shares CryptoBullet’s optimistic perspective, drawing parallels between SUI’s potential and Solana’s explosive rise in 2021. “Sleeping on SUI is like sleeping on SOL in 2021,” Easy remarked. SUI’s metrics, including TVL and trading volume, reflect robust growth, suggesting that the crypto may be on the brink of a significant bull run.
Easy also points to the emergence of memecoins within the SUI network, with some tokens experiencing at least a 250% increase in value over the last 24 hours. He emphasizes, “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.”
Expressing confidence in SUI’s future, Easy suggests that the current price presents a “steal” for long-term investors. He plans to acquire more SUI during market dips, setting an ambitious price target of $10 for the asset.
