SUI has been one of the few assets that appears to be having a solitary bull run despite the struggle of certain cryptocurrencies in the market to reclaim their all-time highs.
In the past month alone, SUI has increased over 100%, with its 7-day performance still recording an 11.8% increase after almost reaching its all-time high of $2.17 yesterday with a 24-hour high of $2.13.
Although the asset is currently facing a 4.3% price drop in the last 24 hours with a current trading price of $1.99, a prominent crypto analyst known as CryptoBullet accessed his X account to address investors about whether now is the best time to sell SUI.
Should you sell your SUI now?
While it may seem tempting for some to sell during this price drop, CryptoBullet suggests otherwise. The analyst noted, “I know it might be tempting to sell SUI here, but it’s the wrong time (in my opinion).”
The analyst explained that the crypto is undergoing its fourth test of the $2 level, an important technical point, adding that “the more times a level is tested, the more likely it is to break.” CryptoBullet believes this could indicate a bullish breakoutpointing to the formation of a Cup and Handle pattern.
Additionally, CryptoBullet highlighted some of SUI’s achievements that could further boost its bullish case. This includes a market capitalization that has nearly reached $6 billion, a transaction rate per second (TPS) exceeding 1,000 over the past three days, and SUI’s ranking as the second largest non-EVM network by total value locked (TVL) in US$1.08 billion.
Strong growth ahead for the ecosystem?
Another crypto analyst known as ‘Easy’ on X echoed CryptoBullet’s optimism, comparing SUI’s potential with Solana’s meteoric rise in 2021. According to the analyst, “Sleeping on SUI is like sleeping on SOL in 2021.”
He emphasized that SUI metrics, including TVL and trading volume, are showing strong growth, which could indicate that the crypto is posed for a significant bull run.
The analyst also noted the increase memecoins on the network, with some tokens seeing a minimum 250% increase in value in the last 24 hours.
Sleeping at SUI is like sleeping at SOL in 2021. SUI will dominate the entire bull run. All metrics point to massive growth in the SUI ecosystem
From TVL to Volume, it is gaining an unprecedented level of traction when 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 revealed plans to accumulate more SUI on market dips, establishing a ambitious target price of $10 for the asset.
Featured image created with DALL-E, TradingView chart