SUI's price drops to $3.80.
SUI Dips Under $3.80: Record On-Chain Growth and Bullish analysts
SUI's Current Predicament
The SUI token has taken a 6% hit in the last 24 hours, with its current price hovering around $3.76. This decline has not only shattered the 50 EMA support on the 4-hour chart but also the critical support level of $3.81. To add salt to the wound, the long-standing support trendline has taken a plunge to the downside, hinting at a bearish outcome for the bullish triangle formation. To make things even gloomier, the 4-hour RSI chart has dipped beneath its midpoint, signaling a substantial loss of momentum and foreshadowing a potential sharper correction.
Support Cashes In
Gloom and doom, however, is not the only story in town. Renowned crypto analyst Michael Van de Poppe is keeping a positive lens towards SUI. Noticing the higher highs in the SUI price, Van de Poppe remains hopeful about its future. As of now, the total value locked (TVL) in SUI stands at a whopping $2.06 billion, which has surged by a staggering 70% in the last month, nearing an all-time high. The listing of the Walrus (WAL) token and the strong monthly performance of the DEEP token are bolstering this expansion. Van de Poppe emphasizes that the WAL token is one of the top-performing projects among the first 85 DePIN protocols.
Account Count Soars
Another analyst Torero Romero has shed light on the growing activity within the SUI network. According to Romero's reports, the total account count has skyrocketed by 35.24% in the last 30 days, hitting 190.21 million. The completion of the first transactions by these accounts indicates genuine user activity within the SUI ecosystem. This surge in activity could potentially trigger a fresh wave of bullish sentiment in the SUI market.
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[Sources]
- CoinMarketCap
- CryptoSlate
- decentralized.technology
- Glassnode
- TradingView
Holding on to a cautiously optimistic outlook, the SUI token presents a mixed bag of bearish and bullish signals. With on-chain growth and encouraging partnerships enriching the SUI ecosystem, a bullish turnaround remains a possibility. However, fluctuating price movements require close monitoring of crucial support and resistance levels. As we navigate the twists and turns of the crypto market, the future of SUI will be shaped by its ability to overcome temporary setbacks and adapt to evolving market conditions.
Block chain technology continues to drive investments in the finance industry, with SUI being a prime example.
In the face of a 6% dip in the last 24 hours, analysts like Michael Van de Poppe remain optimistic about SUI's future, citing higher highs in the SUI price and an impressive increase in the total value locked (TVL) in the SUI network.
