📊 Sui price prediction amid Grayscale and Circle announcements
Sui Network (SUI) gained the spotlight in the cryptocurrency landscape as one of the fastest-growing cryptocurrencies this cycle. This week, Grayscale announced the Grayscale SUI Trust, while Circle natively deployed its dollar stablecoin, USDC, on the Sui Network.
With remarkable Web3 technology and tokenomics highly weighted to benefit institutional early private investors, SUI has earned the market’s attention. Now,
In particular, a recent analysis by TradingView’s reputable cryptocurrency trader, pejman_zwin, sheds light on SUI’s price prediction and future. The trader highlighted key support and resistance levels, arguing that a major correction will soon hit SUI’s price.
🔸 SUI price analysis
According to the analyst, SUI may experience a 20% surge to a potential reversal zone above the $2.30 resistance. After that, however, SUI may experience a 40% correction down to a support zone between $1.40 and $1.20.Notably, the analysis also considers the Elliott Wave theory. This theory currently places SUI at a low-time frame (LTF) fifth impulsive wave at $1.98. Meanwhile, being at a high-time frame (HTF) third impulsive wave and the upcoming correction playing the fourth corrective wave role.
In summary, this means that, despite the predicted 40% correction, pejman_zwin believes SUI will expand one more time above resistance. Therefore, the $1.40 price is an appealing target for accumulating more SUI while previously offloading at around $2.30.
🔸 Sui fundamental analysis
Sui technology stands out by offering high scalability, transaction efficiency, and security – challenging Solana’s (SOL) market share. Similarly to other Ethereum rivals like MultiversX (EGLD), SUI offers an object-centric model with native assets tokens, leveraging security.
However, SUI has aggressive tokenomics with significant upcoming unlocks that are highly weighted toward private investors from early funding rounds.
