- 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 strategizing on THIS for a rebound
Unlike the previous cycle, where the RSI soared above the 70 threshold – signaling an overheated market – SUI currently sits at a more comfortable level, with buying interest remaining subdued.
Source : TradingView
While this may sound bearish, the current position could actually encourage continued buying interest, as there is no significant selling pressure looming.
Coupled with the rise in new wallets, there is a solid chance for the token to rebound. This might happen by leveraging the ongoing market volatility to attract capital away from high-cap altcoins toward more affordable alternatives.
Read Sui’s [SUI] Price Prediction 2024-25
Thus, it may not be too optimistic to expect SUI to defy the odds once again and potentially see an upward swing back to $2. If the overall market sentiment remains bearish, SUI could even post a new all-time high.
However, consistent monitoring of two key metrics – new interest and the performance of other altcoins – will be essential.
