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- SUI price sees over 110% growth in two weeks. It has traded close to its peak at $3.80, with a 3% intraday increase.
- Daily minted NFTs have risen from 27.47K to 445.13K in November. Moreover, total active accounts have grown from 25.9 million to 28.07 million.
- The analyst highlighted the possibility of bearishness and a drop in weighted sentiment. That indicated a potential looming correction.
The crypto market is experiencing a strong bullish trend. It was highlighted by Bitcoin reaching a new all-time high of $93,000 since Trump’s win. This positive momentum has also impacted the altcoin market, with several top assets showing significant gains.
Among these, the Sui token has achieved notable milestones in the price and key on-chain metrics. The SUI price has seen impressive growth, with a double-digit increase of over 110% in the past two weeks.
Since August 2024, the SUI crypto has surged by more than 730%, reaching an all-time high of $3.90. When writing, the token’s price was trading close to its peak at $3.80, marking a 3% intraday increase. Many analysts remain optimistic about SUI’s performance during this crypto bull run.
However, the SUI price prediction suggested it might correct the $1.95-$2.38 range. The key support level to watch is $1.60, which is crucial for maintaining the upward trend.
A key indicator has also signaled a potential sell-off. The SUI price rise might face some resistance in the coming days. Will this signal the end of SUI’s bull rally, or is it just a temporary setback? Continue reading to find out more.
On-Chain Growth So Far Post Trump’s Win
SUI crypto’s recent trading price of $3.80 reflected a continued uptrend, building on gains from the past week. The token’s market cap has surpassed the $10 Billion mark. At press time, it stood at $10.78 Billion.
Interestingly, the Sui network has experienced a notable increase in transaction volume. That suggested higher individual usage. This growth is driven by the expanding use of its native DApps within its NFT ecosystem.
The daily number of newly minted NFTs has skyrocketed from 27.47K to 445.13K in November.
According to CoinMarketCap, SUI crypto transaction volume has reached $1.41 Billion. Additionally, the total number of active accounts on the protocol has grown from 25.9 million on November 4th, 2024, to 28.07 million.
This data indicated that more users engage with the Sui ecosystem through transactions, staking, or DApps. The network’s high speed also attracts many developers to the Sui ecosystem.
The SUI blockchain has also achieved a significant milestone in its Total Value Locked (TVL). It has surpassed $1.721 Billion.
This increase reflects investors’ confidence in the asset and willingness to stake. Such confidence underscores the trust in SUI’s security, utility, and potential for returns.
Weighted Sentiment Gives Sell Signal After A Comfortable Rise
The SUI crypto experienced a robust rally in November. It has generated significant profits for investors throughout the month.
Despite a slowdown in bullish momentum, the SUI price consistently showed positive daily gains. A substantial rise in open interest accompanied this price increase. It supported the bull rally.
However, the trend might be shifting. Data from Santiment indicated that while the token’s price surged, its trading volume declined. This suggested a potential trend reversal. Additionally, SUI’s weighted sentiment dropped, signaling an increase in bearish sentiment.
Analyst Predicts A Looming Correction Ahead
Ali, a well-known crypto analyst, recently tweeted about a significant development. According to his tweet, the TD sequential indicator for the token has flashed a sell signal. This typically suggested an impending price correction.
The TD sequential is known for its accuracy. For context, the same indicator flashed a buy signal, followed by a rally in the SUI price. Therefore, investors should exercise caution, and avoid FOMO.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
