This week, the SUI cryptocurrency has been on a downtrend, losing its recent gains along with most of the market. Over the past 24 hours, the cryptocurrency has fallen 5.3%, which has some investors and crypto analysts concerned.
Token was one of the best performers in Q3, becoming one of the few #altcoins to show green performance for most of the period; #SUI posted a weekly gain of 15% at the beginning of the month, reaching an all-time high (ATH).
Moreover, the #token has gained 25% since the beginning of the month, breaking the $2 barrier and reaching a new ETH level of $2.35. However, the bullish growth was overshadowed by an alleged insider sale on October 13.
the LightCrypto market experts claimed that SUI's performance was affected by a prolonged insider sale of $400 million worth of SUI tokens.
After this statement, the #cryptocurrency underwent a 15 percent daily correction, but remained above the key support level of $BTC On Tuesday morning, SUI lost support at the $2 level, falling 6.5 percent to $1.87 before recovering around $1.90. The token is down 13 percent from seven days ago and 18.4 percent from ATH.
Is a 30 percent pullback imminent?
After SUI's recent price movement, some crypto analysts said another pullback seems imminent. Altcoin crypto analyst Sherpa noted that the current market dynamics have slowed down after bitcoin soared to $69,000 on Sunday.
Mr. Sherpa believes that the market rally has temporarily paused and emphasizes that "most altcoins are retreating or consolidating.
In his opinion, tokens that rose strongly in September, such as Bittensor (TAO) and SUI, should "pull back a bit more" before resuming their growth.
the analyst predicts a 25-30% correction to the $1.4 support zone or lower, stating that there will likely be "a lot of bounces" in the process. Similarly, crypto investor Dodgy noted that the cryptocurrency has cleared a "huge one-month downside hurdle.
Bitcoin's retail activity rose after a four-month slump.
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