Sui Network displays significant market fluctuations, including a monthly decline and predictions for further movements. This article examines Sui's current state, conducts a technical analysis, and discusses key fundamental factors.
Current Market Situation of Sui
Currently, Sui (Sui Network) is trading at a price of $2.6896 USDT, reflecting a 3.14% intraday decline. Weekly performance shows a drop of 4.82%, and monthly losses have reached 17.07%. Over the last six months, Sui has declined by 37.18%, but it shows a 228.23% gain over the past year.
Technical Analysis of Sui
Technical indicators suggest that Sui is trading near the lower boundary of a falling channel on the 12-hour chart, maintaining price support around $2.65–$2.68. A bounce is possible if the price structure remains intact. A breakout above $2.90 could trigger bullish continuation towards $3.50.
Fundamental Factors and Their Influence
Key factors include: 1. An unlocking event on July 1st, releasing 1.3% of the total SUI supply, potentially introducing temporary selling pressure. 2. The emergence of multiple chart patterns, including inverse head and shoulders, may push the price towards $5 if volume confirms. 3. Sui is being positioned as a high-throughput competitor to platforms like Solana due to its smart contract framework.
Currently, the Sui Network market is in a state of uncertainty; however, both fundamental and technical factors could lead to potential growth. The significant event on July 1st will serve as an important indicator for further developments.
