Memecoin Activity on SUI Blockchain Fuels Network Growth and Rising User Engagement
- Linda HamiltonOriginal
- 2024-10-05 22:22:16809browse
SUI, one of the top-performing altcoins among the 100 largest cryptocurrencies, has seen a stunning price increase of 110% over the past 30 days.
SUI, a top-performing altcoin among the 100 largest cryptocurrencies, has seen a remarkable 110% price increase over the past 30 days. This impressive rise, fueled by high demand and speculative trading, has pushed SUI to new heights. However, a crypto analyst is now cautioning that this upward trend may be slowing, hinting at a possible sell signal for SUI.
After 30 days of strong demand and speculative trading, one of the top-100 altcoins, SUI, has seen an impressive 110% price increase. This rise has brought SUI to new heights, but a crypto analyst is now warning of a possible sell signal.
aaa Cat (AAA) and Suiba Inu (SUIB) memecoins have seen massive gains, with AAA rising 430% in a week.
A report from DefiLlama shows a 40% increase in Total Value Locked (TVL), rising from $663.87 million to an all-time high of $1.03 billion.
Despite SUI's strong performance, crypto analyst Martinez Ali has issued a sell signal, expressing concerns about the potential end of its bullish trend.
Using the TD Sequential indicator on the 3-day chart, Ali noted that SUI's impressive 145% rally since September might be nearing its conclusion, suggesting that a pullback could be on the horizon.
Highlighting this cautious view is the bearish signal on the Relative Strength Index (RSI) 4-hour chart. As SUI's price rises, the RSI falls, approaching the neutral level of 50, which could indicate weakening momentum.
If SUI's price drops below $1.70, it could slide further to $1.50, marking a 20% decrease from its current level. As of now, SUI is trading around $1.72, reflecting a 2.3% decline, with a market cap of $4.7 billion, according to Coinpedia.
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