The post Can SUI repeat its 360% surge after recent 13% loss? Assessing… appeared on BitcoinEthereumNews.com.

SUI has remained bullish despite experiencing two bearish cycles. Can it replicate this success once again? Positioned among the top losers this week, Sui [SUI] has dropped over 13%, retracing back to $1.70 with a daily dip nearing 10%. This pullback follows a strong September rally that propelled SUI past $2.30. As weak hands exit, some investors may view the current price as an attractive entry point. However, with market-wide volatility on the rise, can SUI defy the odds and stage a rebound? History may be repeating itself After a six-month slump, SUI experienced a significant rally in early August, thanks to Grayscale’s support, which offered traders indirect exposure to the asset. This increased visibility highlighted SUI’s fast transaction speeds and smart contract capabilities, helping investors appreciate its true utility.  As a result, the token enjoyed a remarkable upward swing over two consecutive months, achieving a staggering 360% surge to an all-time high of $2.30, even amid two bearish cycles during this period. A similar pattern is emerging now. On X (formerly Twitter), the developers announced the integration of MemeFi, the largest game on Telegram, into the Sui network. This once again showcased its impressive throughput. Source : Artemis Terminal While this is certainly an encouraging sign to maintain momentum, the impact on the token’s daily transactions – its main USP – has been minimal. Daily transactions declined from 4.8 million to 4.6 million, along with other key metrics. However, there has been a notable increase in new wallets entering the ecosystem, rising from 90K to 130K. This spike suggests fresh interest in the market. This development is significant for two reasons : new buyers are viewing the current price as a market bottom, and it indicates growing optimism about SUI’s future potential – a bullish sign.  SUI may be…

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Filed under: News - @ October 27, 2024 12:05 am