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SUI’s All-Time High at Risk! Analyst Raises Alarm Amid 110% Rally

Published by
Mustafa Mulla

SUI, one of the top-performing altcoins among the 100 largest cryptocurrencies, has seen a stunning price increase of 110% over the past 30 days. This impressive rise, fueled by high demand and speculative trading, has pushed SUI to new heights. However, a crypto analyst is now cautioning that this upward trend may be slowing, hinting at a possible sell signal for SUI.

New Highs for SUI!

SUI’s recent surge is one of the strongest in the crypto market. Its price climbed from $0.742 on September 2 to a six-month high of $2 on October 4, coming close to its all-time high of $2.18, set in March.

A major factor behind this rally is the growing interest in memecoins on SUI’s layer-1 blockchain. Coins like Aaa Cat (AAA) and Suiba Inu (SUIB) have seen massive gains, with AAA soaring by 430% in just a week. This spike in interest has boosted the visibility and usage of the SUI network.

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 issued a sell signal, expressing concerns about the potential end of its bullish trend.

Using the TD Sequential indicator on the 3-day chart, Ali noted that SUI’s impressive 145% rally since September might be nearing its conclusion, suggesting that a pullback could be on the horizon.

Supporting this cautious 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 indicate weakening momentum.

Looking Ahead: Key Price Levels

If SUI’s price drops below $1.70, it could slide further to $1.50, marking a 20% decrease from its current level. As of now, SUI is trading around $1.72, reflecting a 2.3% decline, with a market cap of $4.7 billion, according to Coinpedia.

Is the SUI rally a bubble waiting to burst, or is it a sign of a promising future for the project?

Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

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