Sui (SUI) Price Prediction – When will SUI hit $5?
Sui is a decentralized smart contract platform that operates in the blockchain industry, which is becoming increasingly competitive. It is based on Diem's architecture, allowing developers to build decentralized applications for the gaming and DeFi industries. However, the challenge resides in the market's intense competition.
Sui competes with established layer 1 networks such as Ethereum, Solana, Cardano, and Polkadot and layer 2 networks such as Optimism, Arbitrum, and Polygon. As the industry matures, it is difficult for Sui to increase its market share.
Sui was introduced at the beginning of the meme coin season when PEPE, MRS, BEN, and Milady Meme Coin (LADYS) became popular choices. Despite the fact that Sui is not a meme coin, several traders classify it as such.
Consequently, if these meme currencies experienced a significant decline, Sui could also experience a significant decline.
Also, insiders, early investors, and venture capital firms may begin selling their holdings. This is important because Sui Network was valued at over $2 billion before the launch of its main net, and these investors may seek to recover their initial investments by selling their positions.
If you are looking for an investment in SUI token, the following technical analysis could be helpful as it covers the SUI Price Prediction based on the available data:
SUI Fundamental Shows A Strong Sell Signal
Since its debut on 3 May, the price of SUI has been decreasing. Despite a fleeting increase to $2.16 during the first few seconds of its exchange listing, the price has continued to fall.
In recent days, DeFi Llama, a TVL monitoring website, reported a significant decline in the total locked value on the SUI blockchain. In just three days, the network's TVL decreased by 40%, from $36 million on Monday to $22 million at the time of writing.
Given that the SUI blockchain is still in its infancy and requires time to acquire traction, this decline in TVL is unsurprising. Nonetheless, a substantial increase in TVL in the immediate future could positively affect the SUI price.
Currently, according to network statistics, Cetus is the largest dApp on the SUI blockchain, with a TVL of $16.7 million.
SUI/USDT Could Fall From The Intraday Supply Zone
In the H4 sui token price prediction, immediate buying pressure is seen after the launch but failed to hold the momentum later on.
The price is in a corrective mode, initiated from the symmetrical triangle breakout, which created a 20% decline to the 1.0118 swing low.
In the most recent chart, a bearish break of structure is visible at the 1.0217 level, which is the primary reason to rely on the sell side. However, the downside momentum left some areas untested, which need to be filled up before the sharp fall.
The first area to look at is the 1.1797 to 1.1466 imbalance, which could be tested before forming a bearish break below the 1.0118 level. Above this level, the 1.2452 to 1.2080 level is very important as this supply zone came with a bullish liquidity sweep. Therefore, a bullish recovery and a bearish rejection from this zone could offer this pair a high probable bearish opportunity.
Based on the H4 sui token price prediction today, investors might face strong selling pressure in the SUIUSDT price, where the following area would be important. Moreover, the dynamic 20 EMA is above the price, providing resistance, which is also a sign of selling pressure.
However, in the Sui Blockchain Price Prediction, the buying pressure might be eliminated if a new H4 candle exceeds the 1.2452 resistance level. In that case, the upside pressure might extend toward the 1.3800 level. Exceeding this level could increase the price towards the 1.5000 key psychological level.
SUI/USDT H1 Price Action Analysis
In the SUI/USDT H1 chart, the current price is trading within an ascending channel, where the dynamic 20 EMA is working as a support. However, the weekly VWAP is above the price, which is a sign of a corrective momentum,
The visible range high volume level is also above the price, working as a confluence resistance with the dynamic weekly VWAP.
In the indicator window, the current MACD Histogram shows a buying pressure by remaining above the neutral line,
Based on this Sui (SUI) Price Prediction, a bullish range extension is possible, but a strong buying pressure needs to break the 1.2452 resistance level. On the downside, a bearish pressure below the channel support could extend the downside momentum toward the 1.0000 key psychological level.
Is SUI/USDT A Buy?
Based on the current Sui Crypto (SUI) Price Prediction, SUI/USDT is not a buy yet. Although the price showed a massive daily candle on the launching date, the intraday price is still bearish. Investors should wait for the 1.2452 level to be taken out before looking for a stable bullish trend.
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