Sui Price Rallies 60%: Should Investors Lock in Gains or Hold fo
Sui Price Rallies 60%: Should Investors Lock in Gains or Hold for More?
Sui price noted a strong rally gaining 60% in the last couple of weeks.
The weighted sentiment curve fell towards the zero line suggesting the investors are willing to sell after short-term gains.
A strong rally of over 60% seems to be cooling now as Sui (SUI) investors are willing to lock in their profits. Over the past two weeks, SUI has been riding a bullish wave fueled by improved investor sentiments and further driven by the US Fed Interest rate cut.
Sui emerged as one of the top gainers over the past week outperforming the market leaders and several altcoins. The crypto has bagged over 60% returns to their investors over the last two weeks breaking out of a correction phase.
At the time of writing, the SUI price was exchanging hands close to $1.548, recording a negative development of 2.16% in intraday. However, after getting benefited with substantial gains in the very short term, the investors are now in a dilemma whether to secure their unrealized profits at the moment or to hold them for more gains.
Let's analyze it in a detailed way and try to find whether SUI investors need to lock in their profits or hold them for more.
Weighted Sentiment Curve Suggests Investors Willing To Sell
Earlier, Sui entered a correction phase in April 2024 and dropped nearly 62% from the highs by the end of August. However, the crypto reversed its trajectory to break out of correction phase and show some gains in the 4th quarter.
<iframe title="Santiment Chart: Negative sentiment (Total) (SUI), Positive sentiment (Total) (SUI), Weighted sentiment (Total) (SUI)" width="800" height="425" src="embed.santiment.net/chart?ps=sui&pt=SUI&df=2024-06-22T18:30:01.237Z&dt=2024-09-23T18:29:59.237Z&emcg=1&emhwm=1&wm=sentiment_negative_total;sentiment_positive_total;sentiment_volume_consumed_total&wax=0;1;2&wc=#FF5B5B;#FFCB47;#5275FF&ws={"interval":"1d"};{"interval":"1d"};{"interval":"1d"}" scrolling="no"></iframe>
As per Santiment an on-chain analytics provider, Sui price has been headed higher for the last two weeks. However, the positive sentiment curve has dropped indicating a loss of momentum in the buying. The weighted sentiment curve has dropped towards the zero line.
The weighted sentiment curve reveals the current biasness of the traders and investors whether it is on the bullish side or bearish side. As per the data, the weighted sentiment curve dropped towards the zero line indicating the investors sentiment shifting towards neutral side from bullish.
Additionally, the volume analysis highlights an intraday growth of 78.3% indicating heightened demand, The intraday trading volume was $910.84 Million. It has a live market capitalization of $4.08 Billion and ranks 22nd in the crypto verse.
Sui Price Prediction: Profit Booking or Rally Ahhead?
From a price action point of view, Sui price has been rising a bullish wave for the last two weeks and is now approaching a resistance of $1.7 level. In the recent sessions, Sui has made straight move of 60% which suggests a pullback is pending in the crypto to proceed further.
Also, the investors who had made entry after the breakout are sitting at decent profits. Hence, it is likely that those investors may book their profits and Sui price may head for a pullback.
Moreover, the trend outlook has shifted to bullish side, after the recent breakout which means buyers may try to enter the market on a pullback.
Now, the if the price breaks below the $1.42 level, it may trigger profit booking and decline towards the recent supply of $1.03 level. Whereas, if the price breaks above the $1.7 level, it may continue its journey to the upwards.
At the time of writing, the RSI line was at 79.7 points and that of the 14 day SMA line was at 70.93 points. Both the RSI line as well as 14 day SMA line were placed in an overbought zone indicating a correction pending.
Sui price noted a strong rally gaining 60% in the last couple of weeks.
The weighted sentiment curve fell towards the zero line suggesting the investors are willing to sell after short-term gains.
A strong rally of over 60% seems to be cooling now as Sui (SUI) investors are willing to lock in their profits. Over the past two weeks, SUI has been riding a bullish wave fueled by improved investor sentiments and further driven by the US Fed Interest rate cut.
Sui emerged as one of the top gainers over the past week outperforming the market leaders and several altcoins. The crypto has bagged over 60% returns to their investors over the last two weeks breaking out of a correction phase.
At the time of writing, the SUI price was exchanging hands close to $1.548, recording a negative development of 2.16% in intraday. However, after getting benefited with substantial gains in the very short term, the investors are now in a dilemma whether to secure their unrealized profits at the moment or to hold them for more gains.
Let's analyze it in a detailed way and try to find whether SUI investors need to lock in their profits or hold them for more.
Weighted Sentiment Curve Suggests Investors Willing To Sell
Earlier, Sui entered a correction phase in April 2024 and dropped nearly 62% from the highs by the end of August. However, the crypto reversed its trajectory to break out of correction phase and show some gains in the 4th quarter.
<iframe title="Santiment Chart: Negative sentiment (Total) (SUI), Positive sentiment (Total) (SUI), Weighted sentiment (Total) (SUI)" width="800" height="425" src="embed.santiment.net/chart?ps=sui&pt=SUI&df=2024-06-22T18:30:01.237Z&dt=2024-09-23T18:29:59.237Z&emcg=1&emhwm=1&wm=sentiment_negative_total;sentiment_positive_total;sentiment_volume_consumed_total&wax=0;1;2&wc=#FF5B5B;#FFCB47;#5275FF&ws={"interval":"1d"};{"interval":"1d"};{"interval":"1d"}" scrolling="no"></iframe>
As per Santiment an on-chain analytics provider, Sui price has been headed higher for the last two weeks. However, the positive sentiment curve has dropped indicating a loss of momentum in the buying. The weighted sentiment curve has dropped towards the zero line.
The weighted sentiment curve reveals the current biasness of the traders and investors whether it is on the bullish side or bearish side. As per the data, the weighted sentiment curve dropped towards the zero line indicating the investors sentiment shifting towards neutral side from bullish.
Additionally, the volume analysis highlights an intraday growth of 78.3% indicating heightened demand, The intraday trading volume was $910.84 Million. It has a live market capitalization of $4.08 Billion and ranks 22nd in the crypto verse.
Sui Price Prediction: Profit Booking or Rally Ahhead?
From a price action point of view, Sui price has been rising a bullish wave for the last two weeks and is now approaching a resistance of $1.7 level. In the recent sessions, Sui has made straight move of 60% which suggests a pullback is pending in the crypto to proceed further.
Also, the investors who had made entry after the breakout are sitting at decent profits. Hence, it is likely that those investors may book their profits and Sui price may head for a pullback.
Moreover, the trend outlook has shifted to bullish side, after the recent breakout which means buyers may try to enter the market on a pullback.
Now, the if the price breaks below the $1.42 level, it may trigger profit booking and decline towards the recent supply of $1.03 level. Whereas, if the price breaks above the $1.7 level, it may continue its journey to the upwards.
At the time of writing, the RSI line was at 79.7 points and that of the 14 day SMA line was at 70.93 points. Both the RSI line as well as 14 day SMA line were placed in an overbought zone indicating a correction pending.
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