Trading Volume And Whale Activity Increased
- Sui price has declined by 25% in the past five days.
- The 24-hour trading volume was surged by 185% to $1.7 Billion.
On the wider time frame, the Sui price has been in a bullish trend. However, buyers have lost their grip near the $5 territory and fell sharply.
Amid this fall, the price has dropped below a good support level of $4. SUI price has been bearish for a week and has melted into the demand zone of $3.5.
Interesting similarities in market behavior are revealed when comparing the performance of Bitcoin during the 2017 bull run with SUI’s current trajectory.
With its strong rallies and periods of consolidation preceding subsequent uptrends, Bitcoin displayed a distinctly bullish pattern in 2017.
This pattern, which indicated strong buying momentum following brief consolidations, was evident in the notable price jumps of Bitcoin within a bull flag structure.
Looking at the SUI cryptocurrency, which has a comparable bullish pattern with price action forming higher lows inside a rising channel. This implied a period of accumulation that is common in early bull markets.
SUI NFT Collections
The top ten SUI NFT collections are shown in the chart, arranged by market capitalization. With a market valuation of $4.3M, “Egg” is leading the pack, closely followed by “Rootlets” ($3.7M) and “Prime Machin” ($2.6M).
‘Kumo’ at $1.37M and ‘Fuddies’ at $1.46M are two other noteworthy collections. Collections like “DeLorean” and “DoubleUp” at the lower end, with “Legacy” at $967K and “AEON” at $925K, both hover around the $1.06M mark.
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.
SUI Price Analysis in Demand Zone
When writing, Sui crypto was trading at $3.61 which has dropped by 6.66% over the past 24 hours. the market capitalization was $10.83 Billion.
Based on the chart structure, the price has melted into the demand zone ($3.5). Since December, the SUI crypto price has received sharp buying pressure three times in this territory. According to the technical chart, buyers might show interest and a bullish move is likely.
If the price gains momentum in this territory, it would be a bullish signal. If the price forms any bullish candlestick in this territory, buyers might lead the trend further.
On the other hand, if the SUI token price starts trading below the $3.5 mark, a selling scenario can be generated. Losing this level could initiate profit-booking momentum.
SUI Price Analysis Amid Whale Activity
SUI’s current price action is being shaped significantly by its positioning within the demand zone around $3.5.
While the recent decline to this level raises concerns, historical patterns suggest that this area could serve as a launch pad for buyers. That would be similar to past bullish trends observed in cryptocurrencies like Bitcoin.
The increased trading volume and interest in SUI’s NFT ecosystem indicate a vibrant market presence, which may further support a potential rebound.
However, a critical factor remains – if SUI drops below the $3.5 mark, it could trigger further selling pressure and profit-taking, undermining the bullish outlook.
Disclaimer
This article is for informational purposes only and provides no 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.
