SUI Price Sentiment on a Decline After Retracing 10% From All-Time High of $2.35

After peaking at $2.35 last week, SUI price has retraced over 10% to fall below the key $2.0 support, reflecting a dip in investor interest

Hitting an all-time high of $2.35 last week, the SUI price has retraced by more than 10% slipping under the crucial support of $2.0, as investor interest in the Layer-1 blockchain seems to be on a decline.

Important Points:

After hitting an all-time high of $2.35 last week, SUI price is now trading at $1.89 with a market cap of $5.37 billion.

The SUI price has moved in a highly volatile zone in the past few weeks, with the launch of MLS Quest and USD Coin on the Sui mainnet boosting positive sentiment.

However, amid the broader crypto market correction and retracement, the bullish sentiment around the altcoin has faded away. As of press time, SUI is trading at $1.89 with a market cap of $5.37 billion.

With short-term bullish sentiment fading, SUI faces increasing pressure to hold support above the $2 level. Similar patterns in SUI’s price chart and Bitcoin’s suggest that SUI often tracks Bitcoin’s market sentiment.

Courtesy: TradingView

While the uptrend appears promising, with the 20-day EMA acting as support, concerns linger over its durability. Continue reading to assess whether bulls can gain control or if SUI’s price may experience further declines.

Chain analysis firm Santiment reports that, on-chain, the weighted sentiment towards Sui on social media platforms has shifted from 0.06 to -0.06 over the last two days. Typically, negative sentiment triggers fear, uncertainty, and doubt (FUD) among investors, leading to a short-term price decrease.

According to market intelligence data, the total open interest in SUI’s perpetual contracts has seen a steep decline, dropping from $895 million at the beginning of the recent market-wide rally on October 7 to $440 million at the time of press.

Courtesy: Santiment

Notably, SUI’s funding rate turned positive as its price briefly crossed the $1.95 mark earlier today, with the rate moving from -0.002% to 0.01%.

Currently trading at $1.88, SUI has gained 0.3% over the past 24 hours and ranks 18th among cryptocurrencies by market capitalization, with a market cap of $5.3 billion. Its 24-hour trading volume has also increased to reach $630 million.

It remains to be seen how the SUI price direction will shift from here on, especially considering that the overall altseason might be delayed until January 2025.

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