SUI Dips 4.3% After Nearly Reclaiming ATH, Is Now The Time To Sell?

SUI has been one of the few assets that appears to be having a lone bull run despite the struggle of certain cryptocurrencies in the market to reclaim their major highs.

Over the past month alone, SUI has increased by more than 100%, with its 7-day performance still seeing green up by 11.8% after nearly touching its all-time high of $2.17 yesterday with a 24-hour high of $2.13.

Although the asset is currently facing a price decline down by 4.3% in the past 24 hours with a current trading price of $1.99, a prominent crypto analyst known as CryptoBullet has taken to his X account to address investors on whether now is the best time to sell SUI.

Should You Sell Your SUI Now?

While it may seem tempting for some to sell during this price dip, CryptoBullet suggests otherwise. The analyst noted, “I know it might be tempting to sell SUI here, but it’s the wrong timing imo [in my opinion].”

The analyst explained that the crypto is experiencing its fourth test of the $2 level, a key technical point, adding that “the more times a level is tested, the more likely it is to break.” CryptoBullet believes this could indicate a bullish breakout, pointing to the formation of a Cup and Handle pattern.

Additionally, CryptoBullet highlighted some of SUI’s achievements that could further propel its bullish case. These include a market cap that nearly reached $6 billion, a transaction per second (TPS) rate exceeding 1,000 for the past three days, and SUI ranking as the second-largest non-EVM chain by total value locked (TVL) at $1.08 billion.

Strong Growth Ahead For Ecosystem?

Another crypto analyst known as ‘Easy’ on X echoed CryptoBullet’s optimism, comparing SUI’s potential to Solana’s meteoric rise in 2021. According to the analyst, “Sleeping on SUI is like sleeping on SOL in 2021.”

He emphasized that SUI’s metrics, including TVL and trading volume, are showing strong growth, which could indicate that the crypto is poised for a significant bull run.

The analyst also noted the rise of memecoins on the network, with some tokens seeing a minimum 250% increase in value over the last 24 hours.

Sleeping on SUI, is like sleeping on SOL in 2021. SUI is going to dominate the entire bull run. All metrics are pointing to massive growth on the SUI ecosystem

From TVL to Volume, it is gaining a level of traction that is unprecedented when compared to other blockchains.

The… pic.twitter.com/VfZ7DVZ1dz

— Easy (@EasyEatsBodega) October 7, 2024

It is easily concluded by expressing confidence in SUI’s future growth, suggesting that the current price could be a “steal” for long-term investors. He revealed plans to accumulate more SUI on market dips, setting an ambitious price target of $10 for the asset.

Featured image created with DALL-E, Chart from TradingView