SUI coin has managed to outperform Litecoin in terms of market capitalization over the last month, indicating a growing user base that has contributed to its upward trajectory.
Despite a recent 3% weekly dip that placed SUI among the top losers, speculation has arisen regarding whether this pullback was a deliberate move to shake off weaker investors and pave the way for a potential push towards the $2.40 mark.
If this theory holds, there is a possibility of SUI surpassing NEAR as the 17th largest cryptocurrency by market cap; otherwise, Litecoin might be on course to reclaim its position.
SUI Achieves a Major Transaction Milestone
Notably, SUI has shown significant positive momentum in the past couple of months, managing to sustain its support level at $0.53 amidst bearish cycles.
Currently trading at $2.06, SUI has exhibited substantial gains within a short span, with a notable peak that led to an overextended RSI.
Despite concerns around this overextension, the token has continued on an upward path, navigating minor setbacks with help from bullish support.
This bullish momentum is reinforced by the network’s design, which prioritizes faster transactions without network congestion, addressing common blockchain limitations.
Having achieved 270K TPS, SUI has resonated positively with crypto enthusiasts, boasting an impressive $6 billion in transaction volume.
This success propelled SUI to an all-time high of $2.40 just a week back.
However, the subsequent price decline saw many holders cashing out, leading to a notable decrease in daily transactions by half to $20 million.
This trend suggests that the surge in price has prompted many investors to secure profits, resulting in the exit of weaker positions.
To trigger a potential comeback, new buyers should focus on the $2 local low as a potential entry point, anticipating a rally that could yield significant returns.
If this trend continues, SUI could witness a strong rebound that might lead to a fresh all-time high, possibly reshuffling its position in the top 20 cryptocurrencies by market cap.
An Intense Competition Looms
In a surprising turn of events, despite the recent 60-day surge in SUI’s value, spot traders have been consistently offloading their holdings, resulting in a daily trading volume decline to $30 million.
Nevertheless, the price stabilization indicates a possible accumulation phase by stakeholders, a critical factor for any potential price recovery.
The recent weekly pullback brought SUI close to the $2.05 mark, making it crucial for investors to consider this as an optimal entry opportunity, as evidenced by recent market behavior.
If this scenario persists, SUI could be gearing up for a significant correction around the $2 level, especially as a recent MACD crossover signals a bearish sentiment, hinting at a potential price decline unless spot traders increase their buying activity.
Should renewed investor interest materialize around $2, a strong rebound might ensue. However, to surpass NEAR, SUI must aim for a price resurgence towards the $2.40 mark.