SUI is one of the few assets that appears to have a lone bull run despite some cryptocurrencies in the market struggling to reclaim their major highs.
SUI is up over 100% in the last month alone, and its 7-day performance continues to see a green gain of 11.8% after nearly hitting an all-time high of $2.17 yesterday and its highest since 24 hour level $2.13.
Although the price of the asset is currently down 4.3% in the last 24 hours, with the current trading price of $1.99, a prominent cryptocurrency analyst known as CryptoBullet took to his account to address investors on whether now is the best time to sell SUI.
Should you sell your SUI now?
While it may seem tempting to sell during this price drop, CryptoBullet suggests otherwise. The analyst noted: “I know it may be tempting to sell SUI here, but it’s the wrong time imo [in my opinion]”
The analyst explained that the cryptocurrency is undergoing a fourth test of the $2 level, which is a key technical point, adding that “the more times the level is tested, the more likely it is to break.” CryptoBullet believes that this could indicate a bullish breakout, pointing to the formation of a Cup and Handle pattern.
Additionally, CryptoBullet highlighted some of SUI’s achievements that could further fuel its growth. These include a market capitalization that has reached almost $6 billion, a transaction per second (TPS) rate exceeding 1,000 in the last three days, and SUI’s ranking as the second largest non-EVM network in terms of total value locked (TVL) at 1 .08 billion dollars.
Strong ecosystem growth ahead?
Another cryptocurrency analyst known as “Easy” on X it happened again CryptoBullet’s optimism, comparing SUI’s potential to Solana’s meteoric rise in 2021. According to the analyst: “Sleeping on SUI is like sleeping on SOL in 2021.”
He emphasized that SUI indicators, including TVL and trading volume, are showing forceful growth, which may indicate that the cryptocurrency is ready for a significant bull market.
The analyst also noticed an augment in the number of memecoins on the network, with some tokens seeing at least a 250% augment in value in the last 24 hours.
Sleeping on SUI is like sleeping on SOL in 2021. SUI will dominate the entire bull run. All indicators point to the enormous growth of the SUI ecosystem
From TVL to Volume, it is gaining a level of traction that is unprecedented compared to other blockchains.
— Easy (@EasyEatsBodega) October 7, 2024
This is easily drawn by expressing confidence in SUI’s future growth, suggesting that the current price could be a “steal” for long-term investors. He revealed plans to raise more SUI on market declines, setting an ambitious price target of $10 for the asset.
Featured image created with DALL-E, chart from TradingView
