The social sentiment around SUI has skyrocketed in the past few days to an unprecedented level as a result of an increase in community interaction witnessed across multiple platforms.
Social media activity around the crypto asset has hit an all-time high, indicating growing optimism about SUI’s short and long-term potential.
A recent investigation by crypto expert and trader Ali Martinez has revealed a massive surge in interest among SUI investors and enthusiasts. According to Martinez, the volume of social exchanges centered around the crypto asset is at an all-time high, reflecting rising confidence in its potential.
Moreover, online conversations and activity around the altcoin have surged in line with the increasing interest in the SUI ecosystem, contributing to a notable improvement in its social metrics.
The social metric surged to new levels following a nearly 300% increase in the digital asset’s value in the past month, which has grabbed the attention of both investors and traders. The price spike comes amid recent optimism in the entire crypto market, suggesting that the price of the altcoin might continue to see positive movement in the upcoming days.
However, Martinez highlights that while there may still be room for growth in the rally, the heightened attention from the market depicts that a price correction may be approaching in the short term. His insights come after the market expert identified a striking resemblance between SUI’s current price trend in the ongoing cycle and that of Solana (SOL) in the 2021 cycle. “SUI looks like Solana back in 2021 before the bull run,” he stated.
After a close observation of both asset charts on the weekly time frame, the analyst claims that SUI is exhibiting a parallel pattern with SOL’s explosive growth in 2021, suggesting that the altcoin could replicate this trajectory to a significant bullish surge in the upcoming months.
With its strong price performance, there are speculations that SUI might be retesting its previous all-time high in the short term. Riccio Capital, an Asia blockchain and news provider, made the bullish prediction after a breakout from a pivotal resistance level.
According to the platform, the crypto asset has effectively broken through the resistance level situated at $1.15181, which is now acting as the new support range. Following the breakout, Riccio Capital noted that the altcoin is currently eyeing the next resistance level at $1.18106, with a strong likelihood of revisiting its past peak of $2.1778 soon.
As a result, the platform has urged investors to watch for an impending Golden Cross formation, a technical pattern that typically reflects a noteworthy upward movement.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.