Sui (SUI) Token Retraces After a Busy Two Months, But the Network Maintains a Positive Growth Trajectory

Over the last few weeks, SUI established itself as one of the fastest-growing networks. This was evident in its native cryptocurrency's performance

Sui Network (SUI) has experienced rapid growth in 2024, with its native cryptocurrency (SUI) rallying by over 1,200% year-to-date. However, the recent market downturn has impacted SUI's price, leading to a sell-off.

After hitting a local top of $2.36 on 13 October, SUI tanked by 20.69% to trade at $1.87. This sell-off was anticipated by technical indicators, as observed in a previous analysis by AMBCrypto.

The one-hour chart showed a divergence between the price and the Relative Strength Index (RSI), indicating a bearish divergence. This divergence typically precedes a downtrend in the market.

In the event of continued selling pressure, SUI could find its next support level between $1.35 and $1.54, based on Fibonacci retracement levels.

Despite the recent market downturn and sell-off in SUI's price, the network is still achieving milestones and aiming to attract more activity into its ecosystem.

In its latest announcement, Sui revealed that it is now integrated with both Google and Zettablock. This integration is expected to make Sui more appealing to developers.

As a result, Sui could potentially maintain its positive growth trajectory in the future.

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