CandleFocus Sui (SUI) in Danger of 50% Drop with Traders Eyeing Profits
2024-10-04
Author: Content Editor
The native token of the Sui Network, SUI, has seen a significant increase in price over the past month. However, market indicators suggest that this rally may not last, as SUI holders are starting to sell for profit. The funding rate for SUI is currently at a multi-month low, indicating a shift in sentiment from bullish to bearish. Additionally, SUI's Chaikin Money Flow and MACD indicator suggest increasing selling pressure in the market. If the downtrend continues, SUI's price could drop significantly, potentially retesting support at $0.86 and even falling further to $0.46. On the other hand, if demand increases and profit-taking eases, SUI could climb to $2.17.
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