SUI has been one of the few assets that seem to have a single bullish side despite the struggle of some cryptocurrencies in the market to regain their massive highs.
In the past month alone, SUI is up more than 100 percent, and its 7-day performance is still in the green at 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 experiencing a price drop of 4.3% in the last 24 hours at the current trading price of $1.99, a popular crypto analyst known as CryptoBullet has taken to his X account to tell investors that now is the best time to get money. sell SUI.
Should You Sell Your SUI Now?
While it may seem tempting to some to sell during this price dip, CryptoBullet suggests otherwise. The analyst said, “I know it may be tempting to sell SUI here, but the timing is wrong [in my opinion].”
The analyst explained that the crypto is facing its fourth test of the $2 level, an important technical point, adding that “the more times the level is tested, the more likely it will be broken.” CryptoBullet believes that this may indicate a bullish breakout, indicating the formation of a Cup and Handle pattern.
Additionally, CryptoBullet highlighted some of SUI’s achievements that could further fuel its bullish case. These include a market cap of nearly $6 billion, a transaction per second (TPS) rate that has exceeded 1,000 in the past three days, and SUI ranking as the second largest non-EVM chain by total value locked (TVL) at $1.08 billion .
Strong Future Ecosystem Growth?
Another crypto analyst known as ‘Easy’ on X echoed the optimism of CryptoBullet, comparing the strength of SUI to the meteoric rise of Solana in 2021. According to the analyst, “Sleeping in SUI is like sleeping in SOL in 2021.”
He emphasized that SUI’s metrics, including TVL and trading volume, are showing strong growth, which may indicate that the crypto is ready for a significant bull run.
The analyst also noted the rise of memecoins on the network, with some tokens seeing at least a 250% increase in value in the last 24 hours.
Sleeping in SUI, is like sleeping in SOL in 2021. SUI will rule all bull runs. All metrics point to significant growth in the SUI ecosystem
From TVL to Volume, it is experiencing an unprecedented traction rate 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 outlined plans to accumulate more SUIs on dips in the market, setting a $10 price target for the stock.
The featured image was created with DALL-E, a Chart from TradingView