Sui Has Conducted Most Transactions Among the Top Blockchains

• Sui crypto price has dropped by 50% since April, showing bears’ dominance.
• The transactions on the Sui blockchain have increased enormously in May 2024.

In a broader time frame, the Sui price has witnessed intense buying pressure till April. The price recorded a multi-day high in the last week of March, triggering a breakout from the $2 hurdle. 

However, the Sui crypto price has failed to sustain over the $2 mark and turned into a fake breakout. After the fake breakout, most buyers got trapped at the high, and the price displayed intense selling pressure.

Turning to the technical indicators, the Sui price traded below the key moving average at the time of writing. A death crossover has been generated between the RSI and the RSI-based moving average. Overall, the technical indicators favor the negative sentiment.

Price vs. Social Dominance Analysis

The graph of social dominance given above indicates that engagement on social media sites like Instagram, X, and Telegram has remained constant. However, the SUI crypto price has kept falling for the past 2 months. If the talks and awareness on social media increase, it may positively affect the price.

Sui Crypto Transection in May 2024

A source on ‘X’ (formerly called Twitter) claims that, in May 2024, the Sui cryptocurrency conducted most transactions in the top blockchains. Sui has surpassed Aptos, Tron, Near, opBNB, and many others in terms of transactions. Sui and Aptos conducted 631M and 349M transactions, respectively, in May 2024.

The enormous change in the number of transactions conducted on the specific cryptocurrency may positively impact their price.

Sui Price Prediction over 1-D Timeframe

The Sui price traded at $1.02 at press time, with a positive change of 0.19% in the past 24 hours. The market capitalization is $2.48 Billion, and the 24-hour trading volume is  $98.82 Million.

In a daily time frame, the Sui crypto price has slipped below the key moving averages, but buyers have managed to defend against the $0.900 hurdle. Suppose the digital asset price bounces back and surpasses the 200-day EMA; the price may perform positively for the next few weeks.

On the other hand, if it fails to sustain the key moving average and slips below the $0.900 level, the sellers may drag down the price to the $0.500 hurdle soon.

Conclusion

Sui price has performed negatively for the past two months with a loss of 50%. The SUI crypto price has struggled between the $0.900 and key moving averages. The SUI cryptocurrency has conducted the most number of transactions in May 2024 among the top blockchains. Technical indicators favor the negative sentiment for Sui crypto price.

Technical Levels

According to the chart structure, the SUI crypto price may face resistance from the $1.40 and $2.00 marks if it gains bullish momentum. Alternatively, the SUI crypto price is expected to take support on the $0.900 and $0.600 levels.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.

Ritika Sharma