SUI has seen a 124% price increase in the past 30 days, making it the top-performing altcoin among the top 100. However, recent data suggests that a further run toward $2 may be challenging due to market FOMO and caution is advised for investors.
The current price of SUI is $1.85, marking a 3% decline over the last day. Social dominance has increased, indicating high levels of discussion and potential crowd euphoria, which could lead to volatile market conditions.
On-chain analysis shows that while SUI’s price drop is minimal, its increased volume and social dominance suggest potential downside risks. The rising volume amidst price declines is rarely a bullish signal, implying heightened selling pressure on the token.
Technically, indicators such as the Relative Strength Index and Chaikin Money Flow suggest SUI is overbought, reinforcing expectations of a price decline. If this selling pressure continues, SUI’s price could fall to $1.68, or even reach $1.42 in the short term.
While SUI may resist downward movement if market conditions improve, allowing a potential climb back to $2, overall, investors should remain cautious about the altcoin’s immediate future, as higher distribution prevails.
