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Does $SUI show signs of fatigue every time it tries to surge towards 4 dollars?
The number of active wallets on the protocol is also increasing. This indicates that more and more users are participating in its ecosystem through trading, staking, or dApps. Many developers are also attracted to the Sui ecosystem because it has high-speed characteristics. Several factors contribute to the rise of SUI.
Firstly, the network continues to break through key milestones, enhancing investor confidence. Many believe that Sui is a next-generation blockchain project with long-term growth potential. The overall recovery of the broader cryptocurrency market has helped altcoins like SUI maintain their bullish expectations. Renowned analyst Cryptojack believes that SUI could soar to new heights that the asset has never reached. CryptoJack's insights suggest that the fundamentals of SUI are strong enough to drive its upward growth trajectory.
However, after more than a month of continuous rise, the current rebound momentum appears to be somewhat fatigued. Before resuming its upward trend, it may first pull back to seek support.
Buying activity for SUI is also decreasing. Chaikin money flow has shown a downward trend this week, indicating that funds are flowing out. Due to the selling pressure outweighing the buying pressure, negative values have also appeared on the CMF daily chart. This may be traders taking profits after seeing the upward trend weaken.
Analysts predict that if SUI maintains its current momentum, its price could reach a high of 4 dollars. Some believe that if the cryptocurrency ecosystem's bull market continues, SUI will test the price levels of 5 and 6 dollars. They point out that combined with the positive sentiment of SUI holders, it could push the price to new heights. The release of naming service tokens and its impact on the Sui ecosystem's development is another potential indicator that could positively affect the price.
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