SUI may be preparing for a breakout as weak hands leave the market.
If that happens, the top-20 ranking could change.
In the past 30 trading days, #Sui [SUI] has made significant gains, surpassing #Litecoin [LTC] in market value. The increasing number of users has certainly contributed to this uptrend.
But the recent weekly pullback of more than 3% has put SUI on the losers list.
This discrepancy has AMBCrypto analysts wondering if the recent pullback is a deliberate attempt to weed out weak hands and pave the way for a strong push that could lead to SUI closing around $BTC If so, NEAR could lose its position as the 17th largest #cryptocurrency by market capitalization.
Interestingly, SUI has shown strong upside potential over the past two months. Despite the bearish cycle, the bulls managed to prevent a pullback by holding the last support level at USD 0.53.
SUI, trading at USD 2.06 at the time of publication, has shown impressive growth in a short period of time. This surge represents a major peak and the RSI has reached an overload. However, despite these concerns, the token maintained its upward trajectory, experiencing only a few hiccups that were strategically smoothed out by bullish support.
This momentum was fueled by the network design, which aims to address the shortcomings of the traditional #blockchain by providing faster transactions without overloading the network.
the 270,000 TPS, SUI caused a huge stir among cryptocurrency users and boasted a staggering $6 billion in transaction volume.
this success, SUI climbed to an ATH of $2.40 just a week ago.
However, when this price range showed potential upside, many wallets started selling their assets, which led to a significant drop in daily trading volume, which was halved to 20 million USD.
This trend suggests that the sharp price increase benefited many participants and forced the weaker ones to leave.
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