SUI price risks a significant drop of 10% following a recent surge driven by high demand and speculative trading. After experiencing a remarkable 124% increase over the last 30 days, SUI has emerged as the top-performing altcoin among the top 100 cryptocurrencies.
While there is optimism in the broader market for further price increases, data suggests that the journey toward $2 may not be straightforward. Currently, SUI is priced at $1.85, marking a 3% decline over the past 24 hours. Interestingly, this aligns with BeInCrypto’s earlier predictions that SUI would not encounter significant resistance following the token unlock scheduled for Tuesday.
Despite a minimal price drop, SUI’s social dominance has surged. According to Santiment, the project’s social dominance rose from 0.99 on October 2 to 1.53% at press time. This increase reflects heightened discussions about SUI compared to other top assets, indicating potential crowd euphoria and Fear Of Missing Out (FOMO).
From a pricing perspective, the extreme reading and FOMO could indicate a local top for SUI, likely leading to a brief decline in price. The trading volume has reached $1.32 billion; however, rising volume coupled with a declining price is rarely bullish. This scenario suggests that SUI is facing increased selling pressure, which could intensify the downtrend.
On the technical front, the Relative Strength Index (RSI) indicates that SUI is overbought with a reading of 78.69. This suggests a potential price retraction. Additionally, the Chaikin Money Flow (CMF) has begun to decline, signifying increasing selling pressure.
If this trend continues, SUI’s price may fall to $1.68 in the short term, with possible further declines to $1.42 if distribution increases. Conversely, if market conditions improve, SUI could see a rise towards the $2 mark.
