Despite SUI’s recent price slump, analysts remain optimistic about its long-term growth, urging investors to consider accumulating the token.
By Anisha Pandey
Edited by Julia Sakovich
Updated
3 mins read
SUI SUI $2.26 24h volatility: 0.3% Market cap: $7.16 B Vol. 24h: $398.72 M , the Layer-1 blockchain developed by Mysten Labs, has seen its price fall below the $4 mark after maintaining this level for over a month. As of early January 27, SUI is trading at $3.57 with a 24-hour trading volume of $1.47 billion, according to CoinMarketCap. The token’s market capitalization now stands at $10.72 billion, marking a 15% drop in the last 24 hours.
This decline mirrors the broader crypto market’s current downturn. Over the same period, the global cryptocurrency market cap has shrunk by 7.7%, now valued at $3.33 trillion. The Crypto Fear and Greed index currently sits at 71, clearly signaling greed to buy the dip among the investors.
Nefarious.sui, a prominent crypto analyst on X, urged investors to remain calm amid the price slump. He advised them to accumulate SUI, underscoring optimism in its long-term growth prospects.
Despite the recent price dip, SUI’s ecosystem continues to grow. The platform now boasts 50 million accounts and has achieved a Total Value Locked (TVL) of $1.59 billion, as per DeFiLlama. Although down from the $1.75 billion TVL recorded at the end of 2024, the ecosystem’s activity remains robust.
SUI currently stands at the 16th position in the list of the largest cryptocurrencies by market cap. However, its recent fall below $4 has raised concerns among traders.
Technical analysts highlight $4 as a crucial support level for SUI to maintain its bullish trajectory. Crypto trader Henry expects to see a sustainable retest at around $4, which, according to him, will lead to the token at $5 and beyond.
However, a failure to reclaim $4 could trigger a sell-off, pushing SUI further down and challenging its bullish outlook. Adding to the complexity is the upcoming February unlocking of 2% of SUI’s total supply, an event that will increase circulating supply and potentially affect the token’s trajectory.
Technical indicators suggest SUI might be entering an oversold zone. On the daily chart, the Relative Strength Index (RSI) stands at 33 with a downward gradient, signaling weakening upward momentum but hinting at a possible trend reversal.
Additionally, SUI price has dropped below the lower band of Bollinger Bands, often considered a sign of temporary undervaluation. This suggests that the token’s current dip could represent a buying opportunity for investors expecting a rebound.
In the long term, analysts predict that SUI could reach between $10 and $20 in the ongoing bull cycle.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
With a background in finance and a passion for innovation, Anisha has been covering the ever-evolving world of crypto for over four years. Her deep understanding of the crypto market have made her a trusted source for analysis and news. Whether it's dissecting the latest trends or decoding whitepapers, Anisha is dedicated to bringing clarity to the world of digital assets.
