Why The $4 Price Zone Is Key For SUI’s Next Move?

The comparison between SUI crypto’s current trajectory and Bitcoin’s performance during the 2017 bull run highlights intriguing parallels in market behavior.

Bitcoin in 2017 showed a clear bullish pattern, with sharp rallies and periods of consolidation before further uptrends.

This pattern was visible in Bitcoin’s significant price jumps within a bull flag structure, signaling strong buying momentum after brief consolidations.

Turning to the SUI crypto, a similar bullish formation, with price action creating higher lows within a rising channel. This suggested an accumulation phase typical of early bull markets.

The key level for SUI to maintain its bullish outlook is at $4, where the Fair Value Gap (FVG).

Holding above this level could propel SUI towards new highs, mirroring BTC’s ascendancy during its significant bull run.

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However, if SUI price fails to sustain the $4 support, it might see a pullback similar to Bitcoin’s periodic corrections during its 2017 cycle.

A drop below this critical support could trigger a broader sell-off, challenging the bullish scenario.

For potential upside targets, if SUI maintains its momentum, a move towards the $10 and $20 range is plausible, reflecting past resistance zones that may convert to new support levels on breakout.

SUI Crypto Network’s New Milestone in Accounts

Sui’s milestone of reaching 50 million accounts also highlighted a rapidly growing community, making it a standout in the Layer 1 blockchain arena.

This expansion could significantly influence Sui‘s token price, primarily through increased adoption and network utilization.

Platforms that show substantial user growth tend to attract more developers, which lead to more applications and, consequently, higher token demand.

In the short term, this milestone could lead to speculative trading that could boost SUI’s price as investors anticipate further growth and adoption.

Over the long term, if Sui crypto continues to scale effectively and maintains a robust and active community, it could sustain its upward trajectory in both user numbers and token value.

The network’s ability to handle such a large and growing number of accounts without compromising on performance is crucial.

If Sui manages to keep up with the technological demands of its expanding user base and continues to innovate, the growth is likely to continue.

However, any scalability issues or significant setbacks could temper this growth, affecting the ecosystem and SUI’s market performance negatively.

SUI NFT Collections

The chart depicts the top 10 SUI NFT collections ranked by market cap. At the forefront is ‘Egg’ with a market cap of $4.3M, followed closely by ‘Rootlets’ at $3.7M, and ‘Prime Machin’ at $2.6M.

Other notable collections include ‘Fuddies’ at $1.46M and ‘Kumo’ at $1.37M.

The lower end features collections like ‘DeLorean’ and ‘DoubleUp’ both hovering around the $1.06M mark, with ‘Legacy’ at $967K and ‘AEON’ at $925K.

This diversity in market cap showed a robust interest and investment in the SUI ecosystem’s NFT market, suggesting a healthy demand for digital collectibles.

If the trend mirrors the 2021 NFT boom, SUI’s overall valuation and the demand for its currency could see significant growth, enhancing the ecosystem’s liquidity and user engagement.

However, if the market doesn’t replicate past successes, it could indicate a maturation or stabilization phase where speculative excesses diminish and more sustainable growth patterns emerge.