Sui Price Prediction: SUI Dips 10% – Is This a Buying Opportunity?

Updated: 18 August 2023

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Web 3 token SUI has dropped by 10% in the last 24 hours, resulting from a steep decline at 5:35 pm EST. This crypto now sits around the $0.47 mark.

Is this a buying opportunity, or is another downturn on the way?

SUI goes through a monthly decline of 34%

SUI’s current drop continues the bearish turn of events it has been dealing with since the last month. Since July 20, the token has gone on a period of consolidation followed by steep drops.

The current 24-hour drop, however, is the biggest one yet. Coinmarketcap shows that at 4:19 am EST, SUI was valued at $0.47. The recent 10% drop is accompanied by a 10% decline in the token’s market capitalization and a 48% increase in the trading volume.

The uptick in the trading volume indicates a selling frenzy. What happened to this crypto that people lost faith in it?

What is Behind SUI’s Downtrend?

SUI has not been making many waves on social media. One of its latest tweets is about it explaining the Deep book.

Deep book is Sui’s native central limit order book, which, according to devs, allows for lower gas fees even when an asset’s volume is increasing. This tool lets investors take more help to the market.

DeepBook, Sui's native Central Limit Order Book, takes advantage of low gas fees even as trading volume increases, letting users take more of their assets to market.

Read more about DeepBook's economics:https://t.co/L0WDW6oSvo
— Sui (@SuiNetwork) August 17, 2023

But this tweet has had only a minor engagement partly because of the network’s complexities not allowing newcomers to interact with this ecosystem.

The same thing happened with the announcement of SUI Builder House. This SUI-based metaverse offers educational content to users in various formats. According to SUI, the SUI Builder House is supposed to increase the token’s adoption rate.

None of these have made any impact in gravitating people towards this Web 3 token. However, upon taking a deep dive, we found SUI’s new Head of Strategy is Sina Nadar, formerly a part of FTX US. Likely, the wrong impression that FTX’s downfall has left in its wake could be repelling investors from SUI.

Another apparent reason for the current drop is Bitcoin’s upset. BTC has dropped below its $29k support and is now resting above the $26k level, bringing it to its two-month lows. SUI is one of many assets that have fallen due to this blood bath.

SUI Price Analysis – Buying Opportunity?

SUI’s daily chart shows consecutive reds for the last three days; another red candle has been forming even today. It indicates that SUI may still find its bottom.

SUI has been trading below its 20-day MA since July, which is still acting as its resistance. And as the length of the red candles grows, the distance between this moving average and SUI’s price trendline gets wider.

However, the token’s current RSI is 18, far below the oversold zone, which indicates that a critical point has been reached and a rebound is on the way. If it does, SUI may try to reclaim the $0.6 mark. But if the downtrend persists, this prediction will be invalidated.

Overall, the token is currently in the undervalued zone and has hit a critical point, which may cause this token to bounce. However, how much value it can reclaim will depend on market conditions.

SUI Alternative – Wall Street Memes

While the critical RSI makes SUI seem like a good buy, there is uncertainty about how much value it can attain after rebounds. That makes it suitable to invest in crypto presales that can offer guaranteed gains.

Wall Street Memes is a meme coin that has made waves since it opened its presale back in June 2023. The project’s ode to the Reddit group Wall Street Bets, combined with its immense following on social media, has made it one of the best meme coins to follow.

With over 260k followers on Twitter, Wall Street Memes has even enticed Elon Musk – the Dogefather – with its tweets. That is one of the reasons it has raised over $25 million to date and is fast heading toward the conclusion of its presale.

Wall Street Memes’ popularity on social media and the pace of the current presale makes it a good buy for early movers looking to make early bird gains when the token gets listed on centralized and decentralized exchanges.

The token’s presale will end in the next six weeks, after which it will go live on multiple tier-1 exchanges.