Over the last week, the SUI digital currency has experienced significant growth in its value, outperforming many other cryptocurrencies. However, recent market developments have seen a slight decline in its price within the last 24 hours.
What does this mean for investors? Could the bullish trend of SUI come to an end soon? Let’s delve deeper into the analysis.
Positive trend observed on SUI’s chart
According to data from CoinMarketCap, SUI investors witnessed substantial gains last week, with the token’s value surging by 18% to reach $0.98. Despite a 2% drop in the past day, SUI is currently trading at $0.9067, with a market capitalization exceeding $2.4 billion, ranking it as the 31st largest cryptocurrency.
Although the recent pullback may seem concerning, it is worth noting that this could potentially be a brief correction before a significant uptrend. An analysis of SUI’s daily chart by CryptoCrypto revealed that the token has been consolidating within a bullish symmetrical triangle pattern since it first appeared in August.
As the token approaches the end of this pattern, there are indications of a bullish breakout. If this scenario materializes, SUI could see a 50% surge, reaching $1.4 in the near future.
Anticipating a 50% increase for SUI cryptocurrency
Further analysis by CryptoCrypto focused on the on-chain data of the token to determine if the outlook supports a potential bullish breakout in the coming days. Insights from Santiment’s data showed that following a notable increase, SUI’s open interest and price both declined in the past 24 hours, signaling a potential shift in the current price trend.
On the bright side, the spike in the token’s trading volume during the price surge lays a strong foundation for a bullish momentum. Additionally, the significant rise in the token’s weighted sentiment indicates prevailing bullish sentiment in the market.
However, a bearish signal was identified in the data provided by Hyblock Capital. The whale vs retail delta for SUI dropped from 100 to 9.6, suggesting reduced market exposure from whales.
The technical analysis of the token’s daily chart revealed encouraging signs for bullish momentum. Several indicators, including the crossing above the 20-day Simple Moving Average (SMA) and a bullish crossover on the MACD, support the potential for SUI to break out above the bullish pattern in the days ahead.