- Analyst’s Bullish Outlook For SUI Price
- Uptrend Amidst Bearish Signals
- Future Prospects of SUI Token
Sui Network has been creating a buzz among analysts and traders of late. Many analysts expect its native token SUI to see a price surge at the end of this year.
Analyst’s Bullish Outlook For SUI Price
According to renowned crypto analyst Bmoon, SUI might be trading at $3.60 in Q4. This bullish sentiment contradicts the token’s current upward trend and price appreciation.
Quote (CITE_W_A): "SUI target for this Q4 is 3.6$. I've been bull calling on Sui Network for a few weeks and they still surprise me on how good the price hold. DeFi on Sui is going strong also," tweeted Bmoon.
Uptrend Amidst Bearish Signals
SUI price has risen by more than 12% in the past week, which is impressive given the prevailing market sentiment. Currently, the token has shown its stability even during market fluctuations.
Last week, SUI price chart indicated a steady rise. The token has demonstrated positive price action coming out of the recent dips. Market data points to a circulating supply of 2.67 billion tokens with a supply of 10 billion tokens.
The token’s market capitalization is estimated at $2.37 billion. At press time, SUI was the 32nd most prominent cryptocurrency by market cap. Nevertheless, the trading volume dropped by 23.07% in the last 24 hours.
Future Prospects of SUI Token
However, there are some signs of weakness that can be seen shortly. From the recent price chart, it can be seen that the token is trading within an upward channel. Nevertheless, the token’s behavior within the channel may indicate the pressure for a decline accumulates.
The hourly chart depicts that SUI is at the bottom of the channel, which could lead to a slight decrease if the bears take over. It means that the Money Flow Index (MFI), which shows the level of buying and selling pressure, is now at 24.93, suggesting that the market could be getting oversold.
This may suggest that a reversal or correction is possible should SUI’s upward movement fail.
The future of SUI looks good, especially with developments in DeFi. It has gained popularity among developers and users, further boosting the token’s price. More projects are being deployed on the network, leading to a continuous increase in demand for SUI tokens, which in turn should elevate the price. However, traders should be cautious as short-term bearish momentum is possible. The market might experience fluctuations as SUI continues to trade between certain levels. Nevertheless, the outlook remains optimistic, and experts believe it can achieve greater heights in the future.
