SUI has been one of the few assets that appears to be witnessing a lonely rally despite some cryptocurrencies in the market struggling to reclaim key highs.
Over the past month alone, the SUI is up over 100%, with its 7-day performance still up 11.8% after nearly touching an all-time high of $2.17 yesterday with a 24-hour high of $2.13.
Although the asset is currently facing a 4.3% price drop over the past 24 hours with a current trading price of $1.99, a prominent cryptocurrency analyst known as CryptoBullet has taken to his address Investors are wondering whether now is the best time to sell SUI.
Should you sell your SUI now?
While it may seem tempting for some to sell during this price decline, CryptoBullet suggests otherwise. “I know it might be tempting to sell SUI here, but it’s the wrong timing (in my opinion),” the analyst noted.
The analyst explained that cryptocurrencies are witnessing their fourth test of the $2 level, which is a key technical point, adding that “the more times the level is tested, the more likely it is to break.” CryptoBullet believes this may indicate a bullish breakout, indicating the formation of a cup and handle pattern.
Additionally, CryptoBullet highlighted some of SUI’s achievements that could further push its bullish case. These include a market capitalization of nearly $6 billion, a transaction per second (TPS) rate exceeding 1,000 transactions over the past three days, and SUI ranking as the second largest non-EVM chain in terms of total value locked (TVL) at 1.08 billion. dollar.
Is there strong growth ahead for the ecosystem?
Another crypto analyzer known as “Easy” on X Repeat CryptoBullet is bullish, comparing SUI’s potential to Solana’s meteoric rise in 2021. According to the analyst, “Sleeping on SUI is like sleeping on SOL in 2021.”
He stressed that SUI metrics, including TVL and trading volume, are showing strong growth, which could indicate that the cryptocurrency is poised for a significant rally.
The analyst also noted that memecoins have been on the rise on the network, with some tokens seeing an increase in value of at least 250% over the past 24 hours.
Sleeping on SUI is like sleeping on SOL in 2021. SUI will dominate the entire bull run. All metrics point to tremendous growth in the SUI ecosystem
From TVL to Volume, it is gaining an unprecedented level of traction compared to other blockchains.
the… pic.twitter.com/VfZ7DVZ1dz
– Easy (EasyEatsBodega) October 7, 2024
This can be easily inferred by expressing confidence in SUI’s future growth, suggesting that the current price could be a “steal” for long-term investors. He revealed plans to accumulate more SUI on market dips, setting an ambitious price target of $10 for the asset.
Featured image created with DALL-E, chart from TradingView