The post Is SUI’s Bull Run Over? Analyst Predicts Major Price Drop After 110% Surge! appeared first on Coinpedia Fintech News
SUI, one of the best-performing altcoins in the top 100 cryptocurrencies, has seen a remarkable price surge of 110% in the last 30 days. This impressive price rise, driven by high demand and speculative trading, has pushed SUI’s price to new highs. But now, a crypto analyst is warning that this strong rise may be slowing down, hinting at a possible sell signal for SUI.
SUI’s Price Rally and Network Growth
SUI’s recent rally has been one of the strongest in the crypto market. Its price surged from $0.742 on September 2 to hit a six-month high of $2 on October 4, coming close to its all-time high of $2.18 set in March.
A key driver behind this rally has been the growing interest in memecoins on SUI’s layer-1 blockchain. Coins like Aaa Cat (AAA) and Suiba Inu (SUIB) have posted massive gains, with AAA up by 430% in just a week. This surge has brought more attention to the SUI network, increasing both its popularity and usage.
SUI’s overall network activity has been growing fast, with over 2 billion transactions now recorded. A report from DefiLlama reveals a 40% increase in Total Value Locked (TVL), rising from $663.87 million to an all-time high of $1.03 billion within the past month.
This growing confidence in the SUI platform signals rising user engagement and rising confidence in the SUI ecosystem.
Analyst Warns of a Possible Drop
Despite SUI’s strong performance, crypto analyst Martinez Ali has recently issued a sell signal, citing concerns over the exhaustion of its bullish trend.
Using the TD Sequential indicator on the 3-day chart, Ali noted that SUI’s 145% rally since September might be nearing its end, and a potential pullback could be on the horizon.
Supporting this cautionary view is the Relative Strength Index (RSI) on the 4-hour chart, which shows a bearish signal. While SUI’s price has been rising, the RSI is falling and nearing the neutral level of 50, which could signal weakening momentum.
However, If SUI’s price drops below $1.70, it could slide further to $1.50, a 20% drop from its current level. As of now, Sui is trading around $1.72, showing a 2.3% drop with a market cap of $4.7 billion as per the Coinpedia report.