SUI breaks below $3.80 with bearish signals flashing, yet on-chain data shows record growth in users and TVL. Will fundamentals overpower fear?
With Bitcoin’s price crashing under the $103,000 mark, the altcoins market is under duress. Amid increasing pressure, SUI is down 6% today and warns of a near 17% crash. Will the Sui ecosystem expansion revert the technical signals?
SUI Price Analysis
SUI token is trading at a market price of $3.76, witnessing a pullback of nearly 6% over the past 24 hours. The pullback in SUI token breaks the 50-EMA in the 4-hour chart and the crucial support at $3.81.
Furthermore, the breakdown of a long-coming support trendline marks the bearish outcome of a rising wedge. Supporting the downside risk, the 4-hour RSI line has dropped below the halfway level. This reflects a massive loss in bullish momentum, warning of a steeper correction.
As the breakdown rally gains momentum, the immediate support stands at the 100-EMA at $3.64. This is followed by the 200-EMA dynamic support at $3.30.
Conversely, the bearish pattern will be nullified if SUI’s price manages to reclaim the broken trendline at the $4.00 level. In such a case, the altcoin could reach $4.29, followed by the psychological mark of $5.00.
Analyst Bets on Rising TVL Surge and Ecosystem
Despite the short-term pullback, analyst Michael Van de Poppe remains highly optimistic about SUI. The analyst highlighted the bullish trend in the Sui price with a higher high formation.
As the SUI Total Value Locked hits $2.06 billion, it marks a 70% surge over the past month and nears an all-time high. The ecosystem expansion is highlighted by the recent listing of the Walrus (WAL) token and the impressive monthly growth of the DEEP token on the ecosystem.
The analyst argues that the WAL token is one of the strongest performers in the top 85 DePIN protocols.
SUI Total Accounts Hit 190 Million
Analyst Torero Romero shares the massive boost in Sui network activity. As per his tweet, the total number of accounts added over the past 30 days has increased by 35.24%, reaching 190.21 million.
As the number of accounts on the SUI ecosystem that have completed their first transaction increases, the overall network growth will likely fuel the SUI price rally.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
