Over the past week, SUI cryptocurrency has demonstrated impressive performance by achieving double-digit growth in its price, outshining many others in the market. However, recent market movements have seen a return of bearish sentiment, raising questions about the future trajectory of SUI.
So, what do these developments suggest for investors? Let’s delve deeper into the analysis.
Positive Trends in SUI’s Performance
According to CoinMarketCap data, SUI investors reaped significant profits last week, with the token’s value surging by 18% to reach $0.98. Nevertheless, the past 24 hours witnessed a 2% decline as bearish forces exerted pressure on the price.
As of now, SUI is trading at $0.9067, boasting a market capitalization exceeding $2.4 billion, positioning it as the 31st largest cryptocurrency in the market.
Despite the recent setback, some analysts believe that this could be a temporary dip before a substantial upward movement. A detailed analysis of SUI’s daily chart indicates that the coin has been consolidating within a bullish symmetrical triangle pattern since August.
As the token nears the pattern’s completion, there are strong indications of a bullish breakout on the horizon. If this materializes, SUI could potentially witness a 50% growth, reaching $1.4 in the near term.
Can SUI Crypto Achieve a 50% Surge?
Further examination of on-chain data was carried out to ascertain whether the conditions are ripe for a bullish breakout in the near future. Santiment’s data analysis revealed a decrease in SUI’s open interest over the last 24 hours, aligning with the downward price movement.
Typically, such a decline in open interest suggests a potential shift in the ongoing price trajectory. On the brighter side, the token experienced a surge in trading volume, setting a strong foundation for a bullish momentum. Additionally, the weighted sentiment around SUI displayed a notable increase, signaling prevailing bullish sentiment in the market.
However, insights from Hyblock Capital pointed towards a bearish indicator. The whale vs retail delta for SUI decreased from 100 to 9.6, indicating reduced market exposure for whales.
A closer look at the daily chart revealed multiple indicators favoring the bullish sentiment. SUI’s price successfully surpassed the 20-day Simple Moving Average (SMA) according to the Bollinger Bands, while technical indicators like MACD showed a bullish crossover. Furthermore, the Money Flow Index (MFI) exhibited an uptick, suggesting a potential breach of the bullish pattern in the days ahead.