The post Sui Price Drops 6% Despite Surging Daily Inflows, Is the Correction Over? appeared on BitcoinEthereumNews.com.

Despite a notable 6% drop in Sui price, surging daily inflows have caught the attention of the broader market. This paradox raises questions about Sui’s current state and whether the correction phase has concluded. An analyst has also warned against buying the hype, noting that the price of SUI could still drop another 20% before a bounce occurs. Why Is Sui Price Crashing? The price of SUI has been down 6% in the last 24 hours and is trading at $1.73 as of 3:52 a.m. EST. After being rejected at the $2.25 mark, the price took a bearish note. Traders noted this buyer exhaustion and began locking in profit, causing the price to drop further.  Price continues its downward moment despite Bitcoin showing strength and surging to $68,411. The entire crypto market is up 0.3% in the last 24 hours, hovering around $2.428 trillion. Daily Inflow Surpasses Ethereum (ETH), Solana (SOL) and Base  Crypto analyst Kyle Chase shares how Sui is ‘going strong’, outperforming fellow decentralized networks in daily inflows. OMG CHECK THIS OUT!! $SUI IS STILL GOING STRONG, TOPPING ALL OTHER CHAINS IN DAILY INFLOWS! pic.twitter.com/GuzYaFUxcB — Kyle Chassé / DD🐸 (@kyle_chasse) October 28, 2024 This means users are moving funds from other chains to Sui, a bullish signal. During the three-month timeframe, SUI comes in third, beating Ethereum (ETH), Avalanche (AVAX), and Fantom (FTM), according to data from Artemis analytics. This is one of the on-chain metrics that supports an SUI price reversal narrative. Additionally, Sui provided a timeline for fixing their staking distribution problem, which could cause price action to reverse. Will SUI Drop Another 20%? A top trader predicted that SUI is about to extend losses by 20% and drop to the $1.3-$1.36 range. This is after the asset hit an all-time high of $2.35 two…

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Filed under: News - @ October 28, 2024 10:26 am