SUI’s 6-month high – How, why, and its impact on the altcoin’s price

• After a major drop, Sui’s new wallets and active addresses surged over the last 24 hours
• SUI’s value declined by 26.14% over the aforementioned period

Over the past month, SUI has traded within the $2.4 and $3.7 consolidation range consistently. At the time of writing, the altcoin was trading at $2.55 after a 9.8% fall on the daily charts.

Equally, the altcoin depreciated by 10.07% and 26.14% on the weekly and monthly charts, respectively.

Source: Artemis

Despite the aforementioned decline, however, there have been some recent signs of hope for the altcoin. First of all, there has been a significant surge in active users. Similarly, Sui’s active addresses climbed by 110% to hit 1.5 million.

With active users increasing, it would seem that the altcoin’s demand is rising too. Usually, when active addresses climb, it means that investors are either returning or entering the market.

According to Artemis, these active addresses are mostly new wallets, with SUI seeing 1.2 million new wallets and 243.5k returning wallets.

Source: Artemis

Such a huge spike in new wallets may be a sign that SUI is in high demand. Especially with new investors continually entering the market.

Significantly, it seems these addresses are mostly bullish and have entered to accumulate the altcoin. This bullishness can be evidenced by the recent spike in SUI’s weighted sentiment, with the same climbing to hit levels last seen in September 2024.

When weighted sentiments turn positive, it means that most users have a positive perception of the network and expect it to grow.

Source: Santiment

Can SUI see a trend reversal?

In light of the aforementioned metrics hitting their highest levels in 6 months, it would seem that investor sentiment is slowly leaning bullish now.

This shift is evidenced by the fact that Sui’s Funding rate OI weighted also turned positive. Previously, the altcoin’s funding rate OI weighted had remained negative for 2 days. During this period, the altcoin saw the metric hit a 3-week low on the charts.

Source: Messari

Therefore, such a sudden reversal implies that investors have now turned bullish and are now taking more long positions and are paying a premium fee for the same.  Notably, this shift in market sentiment positions the altcoin for more gains on its price charts.

Simply put, SUI is seeing a shift in market sentiment from bearish to bullish. This has resulted in more addresses being opened. If these addresses turn to strong demand, SUI could reclaim $2.8 and attempt a move towards $3.

However, with sellers still in the market, further selling will see a retrace to around $2.4.