SUI is trading around $3.88 after a 3.05% decline, hovering below the crucial $4 resistance. This price point has become a battleground for bulls and bears, with market participants closely watching the next move.
A crypto analyst known as Trader_XO mentioned that the recent failed attempt at $4.24 for SUI may indicate that its momentum is slowing down. After rejection, the altcoin fell to $3.68 since the RSI showed momentum was losing strength.
He said it may move lower unless the price settles above the $3.92 to $4.00 range. If the resistance does not give way, the crypto could drop to $2.83 or $1.83.
Source: Trader_XO
Trader_XO has gone short at the highs, indicating he expects a market decline. Still, Kawasaki believes a move above $4 could soon lead investors to change their minds and see SUI trend upward.
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Vigorous Network Activity Paints a Different Picture
While short-term technicals remain uncertain, the fundamentals tell a different story. Analyst Michael Van de Poppe highlighted that SUI’s macro structure remains strong after forming consistent higher highs.
More importantly, the SUI network’s Total Value Locked (TVL) has surged to $2.06 billion. The price rose by 70% in just one month, indicating that investors feel more confident and are involved in more Ethereum transactions.
Growth in the network is also encouraged by new users who start using WAL and DEEP tokens. WAL is now one of the leading DePIN protocols, helping to attract more attention to the Sui ecosystem.
Torero Romero revealed that there are 190 million total accounts on SUI. The increase of 35.24% in such a short span indicates that more people are now using the platform.
The SUI token now has a real chance at surpassing the $4 zone. Even though technical indicators are cautious, the strong background of the company and increasing activity by users could cause prices to go up again if the barrier is passed.
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