Sui Price: Will It Soar 65% Soon?
Oh, darling, have you heard the latest gossip? Sui has entered a technical bear market after falling nearly 40% from its highest level this year. 😱 But fear not, my dearest, for there are several reasons why Sui could rebound by 65% and retest its all-time high of $5.36. 🚀
The Sui (SUI) token has dropped to $3.25, down from its all-time high of $5.36, bringing its market capitalization to $9.8 billion. 💸 The recent decline mirrors the performance of other altcoins that have erased some of their fourth-quarter gains. Layer-1 tokens such as Solana (SOL), Ethereum (ETH), and Polkadot (DOT) have also entered bear market territory, each falling over 30% from their peak. 📉
Despite the decline, there are several reasons why Sui could rebound by 65% and retest its all-time high of $5.36. One key factor is Sui’s growing presence in key sectors of the crypto industry. 🌐
For example, DeFi Llama data shows that Sui has become the sixth-largest blockchain in the decentralized exchange industry. Protocols in its ecosystem handled over $2.28 billion in transactions in the past seven days, bringing the total volume to $65 billion. The leading platforms in the network include Cetus, Bluefin, DeepBook, and Turbos. 💹
🚨PLATFORM ANNOUNCEMENT🦾🤖🚨
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Sui price forecast
The daily chart shows that the Sui token peaked at $5.36 earlier this year before plunging to $2.34 last week, following a broader altcoin sell-off triggered by Trump’s tariffs. This bottom level coincided with the 61.8% Fibonacci retracement level, a key support area derived from the golden ratio in the Fibonacci sequence. 📈
Sui has also formed a falling wedge pattern, a common bullish reversal indicator. This pattern consists of two descending and converging trendlines, with a breakout typically occurring when the lines are about to converge. 📊
As a result, Sui is likely to rebound and potentially retest its all-time high of $5.36, which would represent a 65% increase from its current level. However, a drop below the support level at $2.35 would invalidate the bullish outlook. 📉
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2025-02-10 16:58