SUI has seen strong gains, rising 60% in the past few weeks.
The Sui cryptocurrency has been one of the top gainers in the past week.
The cryptocurrency has delivered over 60% returns to investors over the past two weeks, breaking out of the correction phase.
At the time of writing, SUI price is trading near $1.548. It is down 2.16% intraday. However, after such a sharp short-term surge, investors are in a dilemma. They are in the middle, considering whether to lock in unrealized profits or hold on for more gains.
Let's determine whether SUI investors need to lock in their profits or hold on for more.
In 2021, L1 went crazy: FTM reached 500 times, SOL reached 150 times, and in 2024, Solana meme also made a lot of people rich. Sui is a Layer 1 blockchain that has always been mediocre, but it has recently developed rapidly. Yesterday, its TVL astonishingly broke through the 1 billion US dollar mark.
For technical development, the language of SUI is Move. If SUI continues to explode, many engineers will probably have to start taking classes again, just like everyone was crazy about learning RUST (Solana) before.
One of Sui’s main features is the ability to process multiple transactions simultaneously. It is powered by the Move programming language, providing developers with a seamless and efficient building environment. Sui’s maximum TPS reaches 297k, exceeding Solana’s 65k. Although it is currently difficult to imagine that real-world situations can reach these numbers, it demonstrates Sui’s huge scalability potential. However, for those of us who are high-frequency traders, there is a drawback, which is that it is a little more expensive than Solana.
The weighted sentiment curve shows that investors are willing to sell
Previously, Sui entered a correction phase in April 2024. By the end of August, the coin had fallen nearly 62% from its high. However, the cryptocurrency reversed its trend, broke out of the correction phase, and rose in the fourth quarter.
According to data from on-chain analytics provider Santiment, Sui’s price has been trending higher over the past two weeks. However, the positive sentiment curve has declined, indicating a weakening of buying momentum. The weighted sentiment curve has fallen towards the zero line.
The weighted sentiment curve reveals the current preferences of traders and investors, whether they are bullish or bearish. According to the data, the weighted sentiment curve has dropped to the zero line. This indicates that the sentiment of investors has shifted from bullish to neutral.
Trading volume analysis shows that Bitcoin has gained 78.3% on the day, indicating an increase in demand. In addition, the intraday trading volume is $910.84 million. Bitcoin's real-time market capitalization is $4.08 billion, ranking 22nd in the cryptocurrency field.
SUI Price Prediction: Profit-taking or an early rebound?
In the past month, Sui’s daily active addresses have tripled to 1.5 million, and this month has seen several major announcements:
- Circle will issue USDC on Suinetwork
- Run the Hydro Accelerator program
- AUSD stablecoin launched
- Start Sui mobile phone pre-order (599 USD, good looking)
- Partnership with 3DOS 3D Printing Network
Among the top 30 tokens, $SUI is one of the best performing L1s - SUI + 240% - SOL + 38% However, the daily and monthly releases are giving me a headache. Sui will have a major token unlock on October 1, of which 64.5 million $SUI will be unlocked, which is another 100 million US dollars. I have a lot of $SUI and I am shivering. Compared with daily trading volume, SUI's trading volume is less than one-tenth of Solana's. Therefore, if you want to catch up with Solana's trading volume, there must be a lot of high-quality projects and more complete infrastructure. From the perspective of memecoin, there are currently only single-digit meme projects on Sui that can break through 5M, and the trading volume is even more terrible. If you are optimistic about it and are ready to lay out, then be patient. Of course, Sui also needs to have a meme with a strong benefit effect to attract everyone's attention. I will also continue to pay attention and synchronize in the community.
Whether it is funding or other aspects, in a comprehensive comparison, although I think Sui is great, I don’t think it can compete with Solana, but it does not prevent pioneers from getting the first wave of meat. Playing Meme is equivalent to lottery, but good judgment and background checks can allow you to make continuous profits. If you don’t like playing meme, then if the SUI ecosystem explodes, you can pay attention to the big projects in its ecosystem. As the ecosystem explodes, these projects will also perform well.
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