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SUI Dips 4.3% After Nearly Reclaiming ATH, Is Now The Time To Sell?

Sergio Gruber by Sergio Gruber
October 9, 2024
in Crypto, News
Reading Time: 2 mins read
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SUI Dips 4.3% After Nearly Reclaiming ATH, Is Now The Time To Sell?
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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.

blockdag 70m

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.

Tags: altcoinaltcoin marketcryptocrypto marketSUISUI AnalysisSUI price predictionSUIUSDT
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Sergio Gruber

Sergio Gruber

Financial writer Hello, my name is Sergio Gruber and I am a finance editor with a specialization in blockchain and cryptocurrency. I have a deep understanding of how the financial world is being transformed by these exciting technologies.I received my degree in Finance Editing from Western Washington University, where I learned how to combine my passion for writing and financial analysis. Since then, I have worked with a number of high-profile publications, helping to educate and inform readers about the latest developments in the world of blockchain and cryptocurrency.

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