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SUI: $4.23 or $3.37, which way will the token go?
In a surprising turn of events, Sui (SUI) has defied expectations by rising in value over the past 24 hours, with its price surging by more than 5%. As it stands, the token is currently trading at $4.23, with a market capitalization of over $12.38 billion.
However, this growth may be short-lived as analysts are sounding the alarm about potential bearish sentiments and indicators that suggest a price correction could be on the horizon.
Despite the recent uptick in value, SUI’s Social Volume has been experiencing a sharp decline over the past few days, which is often a precursor to a price drop. Furthermore, its Chaikin Money Flow and Money Flow Index have both taken a downturn, indicating that selling pressure may be rising.
In fact, data from Coinglass reveals that long positions are outnumbered by short positions in the market, a trend that can often result in a price correction. For these reasons, many are predicting that SUI’s value could correct and potentially fall to $3.37.
On the other hand, it is also possible that the token’s bullish momentum continues, allowing it to break through its current resistance and reach new heights of $4.7 by the end of the year.
It remains to be seen which direction SUI will take in the coming days.
Source: ambcrypto.com
