SUI Analysis: Overcoming FUD for a 20% Rally
Altcoin Analysis: SUI Facing FUD Challenges
Three days prior, SUI reached a peak of $2.36, but recent fears regarding a significant sell-off have clouded this milestone. Yet, investor confidence persists, suggesting SUI could rise again.
SUI Price Current Status
Currently priced at $2.12, SUI has seen a 10.63% dip from its all-time high. The decline might be linked to unsubstantiated claims about a $400 million insider sell-off, which the Sui Foundation refutes.
Understanding SUI's Funding Rate
- The funding rate plunged into the negatives during this downturn, reflecting bearish sentiment.
- Recent shifts have returned the funding rate to positive, signaling renewed bullishness among traders.
Momentum Shift: Balance of Power
The Balance of Power (BoP) indicator, assessing buying versus selling strength, is rising. An uptrend suggests bullish momentum, reaffirming traders’ expectations for a price rise above $2.11.
SUI Price Predictions
- Currently, strong support around $2.05 is crucial for sustaining upward movement.
- If this support holds, we could see SUI surpass the recent high of $2.36.
- A potential price target within the next few days could hit $2.55 if market conditions remain favorable.
However, if profit-taking actions prevail prematurely, a retreat to the $2.05 support might occur, with risks of further declines to $1.84.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.