- SUI remained optimistic despite two down cycles.
- Can he replicate this success once again?
Positioned among the best losers this week, Sui (SUI) fell more than 13%, dropping to $1.70 with a daily decline of almost 10%. This pullback follows a strong September rally that propelled SUI past $2.30.
As weak hands disappear, some investors might view the current price as an attractive entry point. However, with market-wide volatility rising, can SUI defy the odds and stage a rebound?
History could repeat itself
After six months of decline, SUI experienced a significant recovery in early August, thanks to Grayscale support, which offered traders indirect exposure to the asset.
This increased visibility highlighted SUI’s fast transaction speeds and smart contract capabilities, helping investors appreciate its true utility.
As a result, the token saw a remarkable rise in two consecutive months, rising a staggering 360% to an all-time high of $2.30, even in the midst of two bear cycles during this period.
A similar trend is currently emerging. On X (formerly Twitter), developers announcement the integration of MemeFi, the biggest game on Telegram, into the Sui network. This once again demonstrated its impressive throughput.
Source: Terminal Artémis
While this is certainly an encouraging sign to maintain momentum, the impact on daily transactions of the token – its main USP – has been minimal.
Daily transactions increased from 4.8 million to 4.6 million, along with other key metrics.
However, there has been a notable increase in the number of new wallets entering the ecosystem, from 90,000 to 130,000. This rise suggests new interest in the market.
This development is significant for two reasons: new buyers view the current price as a market bottom, and it indicates growing optimism about SUI’s future potential – a bullish sign.
SUI could strategize on THIS for a rebound
Unlike the previous cycle, where the RSI climbed above the 70 threshold – signaling an overheated market – the SUI currently sits at a more comfortable level, with buying interest remaining subdued.
Source: TradingView
While this may appear bearish, the current position could actually encourage continued buying interest as no significant selling pressure is imminent.
Coupled with the increase in new wallets, there is a solid chance for the token to rebound. This could happen by taking advantage of current market volatility to attract capital from large-cap altcoins to more affordable alternatives.
Read Sui (SUI) Price Prediction 2024-25
So, it may not be too optimistic to expect that SUI will once again defy the odds and potentially experience a return to the upside to $2. If overall market sentiment remains bearish, SUI could even reach a new all-time high.
However, consistent monitoring of two key indicators – new interest and the performance of other altcoins – will be essential.
