SUI Network: Navigating the Highs and Lows in 2024
Record-Breaking Peaks and Onchain Activity
In 2024, SUI, the cryptocurrency of the Sui Network, has been actively making waves, achieving a remarkable all-time high of $2.18 in March. The Onchain data paints an optimistic picture, revealing an uptick in every day lively addresses and a spike in transactions reaching as much as 800 transactions per second (TPS), with fluctuations between 10,871 TPS and a staggering 297,000.
Current Market Challenges
However, the worth movement hasn’t been as encouraging recently. Over the past 24 hours, SUI has dipped by 4.46%, and it’s down 14.23% within the last week and 26.287% over the past month. This decline began after a robust rejection at $1.11, which sent the worth spiraling downward. Although buyers initially held the road at $0.99, the worth eventually drifted sideways for 2 days before breaking below this key support level.
Struggling with a Declining Trend
As SUI continues on its downward path, it has formed a descending channel pattern, struggling to interrupt free and overcome the resistance. The latest support and resistance levels at the moment are set at $0.88 and $0.942, respectively. Indicators just like the Relative Strength Index and Stochastic readings suggest a slight overselling, while the worth trading below all moving averages raises concerns. The MACD line hovering near zero implies a neutral market stance, hinting at a possible corrective phase with only modest buying interest.
Potential for a SUI Comeback
Despite the present downtrend, a turnaround is feasible. If SUI can break out of the channel pattern and establish support at higher levels, a sustained bullish move could potentially reclaim the crucial resistance at $1.11.
Opportunities for Traders
For those keeping track of the market, opportunities may arise if the worth dips below $0.99, offering a possible entry point. Additionally, traders should look ahead to a breakout around the present price of $0.999, which could signal a shift in momentum.
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