- Sui price noted a strong rally, gaining 60% in the last couple of weeks.
- The weighted sentiment curve fell towards the zero line, suggesting the investors are willing to sell after short-term gains.
A strong rally of over 60% seems to be cooling now as Sui (SUI) investors are willing to lock in their profits. The Sui price has been bullish for two weeks, fueled by improved investor sentiments. The US Fed interest rate cut further drove this wave.
Over the past week, Sui crypto emerged as one of the top gainers. The crypto has bagged over 60% returns to their investors over the last two weeks, breaking out of a correction phase.
When writing, the SUI price was exchanging hands close to $1.548. It recorded a negative development of 2.16% in intraday. However, after substantial gains in the short term, the investors are in a dilemma. They are in midstream, considering securing their unrealized profits or holding them for more gains.
Let’s determine whether SUI investors need to lock in their profits or hold them for more.
Weighted Sentiment Curve Suggests Investors Willing To Sell
Earlier, the Sui entered a correction phase in April 2024. The token dropped nearly 62% from the highs by the end of August. However, the crypto reversed its trajectory to break out of the correction phase and show some gains in Q4.
Per Santiment, an on-chain analytics provider, the Sui price has been higher for the last two weeks. However, the positive sentiment curve has dropped, indicating a loss of momentum in the buying. The weighted sentiment curve has fallen toward the zero line.
The weighted sentiment curve revealed the current bias of the traders and investors, whether on the bullish or bearish side. Per the data, the weighted sentiment curve dropped toward the zero line. It indicated the investor’s sentiment shifting toward the neutral side from bullish.
The volume analysis highlighted an intraday growth of 78.3%, indicating heightened demand. Also, the intraday trading volume was $910.84 Million. It has a live market capitalization of $4.08 Billion and was ranked 22nd in the crypto-verse.
Sui Price Prediction: Profit Booking or Rally Ahead?
From a price action point of view, the SUI price has been rising in a bullish wave for the last two weeks. Furthermore, the token approached a resistance level of $1.7.
In recent sessions, Sui Crypto has made a straight move of 60%. It suggested a pullback is pending in the crypto to proceed further.
Also, the investors who entered after the breakout are sitting at decent profits. Hence, it is likely that those investors may book their profits, and the SUI price may head for a pullback.
Moreover, the trend outlook has shifted to bullish after the recent breakout. This means that buyers may try to enter the market on a pullback.
If the Sui price breaks below the $1.42 level, it may trigger profit booking. It could further decline toward the recent supply of $1.03 level. In contrast, If the price breaks above the $1.7 level, it may continue its journey upward.
When writing, the RSI line was 79.7 points, and that of the 14-day SMA line was 70.93 points. The RSI and the 14-day SMA lines were placed in an overbought zone, indicating a pending correction.
Disclaimer
This article is for informational purposes only and does not provide any 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.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.
