SUI's price has recently achieved a new all-time high (ATH) of $2.18, driven by bullish momentum. However, the enthusiasm surrounding the altcoin is fading, posing a risk of a significant price drop.
Market sentiment around SUI is showing signs of weakness, indicating a potential 23% price decline. Transaction volumes have dropped by 30% in 48 hours, signaling decreased participation and interest among SUI holders.
This decline in transaction volume suggests a reduced market engagement, often a precursor to price corrections. As liquidity concerns grow, sustaining recent gains becomes challenging, leading to cautious investor behavior.
Technical indicators like the Chaikin Money Flow (CMF) show bearish momentum for SUI, with consistent money outflows. This trend matches the declining transaction volumes, reinforcing the possibility of a downward trend for SUI.
Without a shift in broader market sentiment, SUI is likely to continue its downward trajectory. The lack of support could lead to a price drop to $1.45, reflecting overall bearish market sentiment.
A potential bounce off the $1.70 support level might prevent further losses, contingent on positive market cues that could reverse the current bearish outlook.
