After recovering from the mid-October retrace, the SUI price attempted to reclaim the $2 mark. The token’s price reached $2.13 as it aimed to rally from a long-term falling wedge pattern.
Some analysts believe the cryptocurrency could move significantly toward a new all-time high. However, the recent price action tells a different story.
Examining the daily chart revealed that the SUI crypto price has experienced increased selling pressure. Its price has dropped to $1.94, reflecting a 3% decline over the past 24 hours.
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As short-term bullish sentiment wanes, SUI’s challenge to maintain support above the $2 level has intensified. Similar patterns emerge when comparing the SUI price chart to Bitcoin’s chart, indicating that it often mirrors Bitcoin’s market sentiment.
Despite the uptrend appearing bullish, with the 20-day EMA providing support, questions remain about its sustainability. Continue reading to discover whether the bulls will gain control or the SUI price will decline further.
Technical Analysis of SUI Price
As October closed, the crypto market experienced a sharp correction. It was driven by Bitcoin’s fall below the $70,000 threshold. Most cryptocurrencies faced significant declines during this period.
SUI, the native token of the Sui Network, mirrored the broader market trend. It initially rose with Bitcoin before following its downward trajectory. Many believe that as long as Bitcoin remains above $69,000, the overall outlook for the crypto market will remain bullish.
An analyst recently shared a 4-hour chart on X, identifying a flag and pole pattern. It asserted that a breakout above $2.05 could trigger a substantial rally toward the previous all-time high.
The SUI price traded just above its 20-day exponential moving average (EMA) on the daily chart. That acted as critical support at $1.94. This EMA indicates an uptrend when prices are above it. It represents the asset’s average price over the last 20 trading days.
However, SUI crypto’s proximity to this support level raises concerns about its strength. A decisive drop below the 20-day EMA could signal a shift to short-term bearish momentum. This could suggest the uptrend may be losing steam.
As per SUI price prediction, if the bulls cannot maintain support, the price could decline to $1.64. This could further drop, potentially bringing it down to $0.91. Conversely, if the support at $1.94 holds, it could set the stage for SUI to reclaim its all-time high of $2.36.
SUI Crypto’s DeFi Ecosystem Advances As TVL Advances
Data from DeFiLlama showed that the TVL in the SUI network has surged. It has surged from a low of $313 Million in August to an impressive $1.074 Billion. This represented a remarkable increase of over 300% in just three months.
Such a significant rise in TVL highlighted increasing investor confidence and the growing adoption of SUI’s DeFi ecosystem. The substantial influx of capital suggested that more users are securing their assets in SUI-based protocols. This is bolstering a positive outlook for price recovery.
Active Accounts have Boosted Massively
The Sui network has reached a record 25 million active accounts. It is a significant increase from fewer than 2 million in early July. This exponential growth has positively impacted its price and could drive the asset to new highs this November.
Data from Artemis Analytics on October 27 indicated that Sui experienced substantial fund inflows from Ethereum. This suggested that investors are seeking better opportunities elsewhere.
During the same week, the Sui network achieved the highest net inflows among all blockchain networks. It surpassed Ethereum, Solana, and Arbitrum, which ranked second, third, and fourth, respectively.
Sui saw over $20 Million in net inflows. At the same time, Ethereum trailed with approximately $10 million.
Per the SUISCAN, the number of newly activated accounts on Sui that have completed their first transaction increased by 7%. It has reached a total of 859,876.
