CandleFocus

SUI Price Faces Potential 10% Drop Due to Market FOMO

Author: Content Editor
The altcoin SUI has recently experienced a significant surge in price, making it the best-performing cryptocurrency in the top 100. However, on-chain analysis suggests that a run toward $2 may not be easy, and investors should exercise caution.

Currently, SUI's price is $1.85, representing a 3% decline in the last 24 hours. While the price drop has been minimal, the project's social dominance, which measures the level of discussions around a project compared to others in the top 100, has been increasing. This indicates a high level of conversations related to SUI, but also suggests crowd euphoria and FOMO.

From a price perspective, these factors, along with technical indicators such as the Relative Strength Index (RSI) and Chaikin Money Flow (CMF), suggest that SUI may be overbought and due for a price decline. The volume of SUI has also increased, indicating higher selling pressure.

The technical indicators and market conditions suggest that SUI's price could decline in the short term, potentially dropping to $1.68 or even $1.42. However, if the market condition improves, the altcoin may resist downward pressure and climb to the $2 mark.

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