Flow

bullish

Drops

<ul class="wp-block-list">
 <li>SUI reaches a new ATH of $2.18 but bullish momentum fades.</li>
 <li>Transaction volume drops 30% in 48 hours, signaling waning interest.</li>
 <li>Technical analysis suggests potential 23% decline to $1.45 support level.</li>
</ul>
<a href="https://thenewscrypto.com/?s=SUI" target="_blank" rel="noopener noreferrer nofollow">SUI</a>, having recently achieved a new all-time high (ATH) of $2.18, finds itself at a critical juncture as the bullish momentum that propelled it to this peak shows signs of waning.
This shift in market dynamics has raised concerns among investors about the potential for a significant price correction, with some analysts projecting a possible 23% decline.
The most immediate indicator of this changing sentiment is the sharp decline in SUI’s overall transaction volume. Within a mere 48-hour window, transaction volume has plummeted by 30%, falling from $1.1 billion to $830 million.
This substantial decrease in market activity suggests a rapid cooling of interest in the <a href="https://thenewscrypto.com/?s=altcoin" target="_blank" rel="noopener noreferrer nofollow">altcoin</a>, potentially foreshadowing further price weakness.
<h2 class="wp-block-heading" id="h-sui-transaction-volume-plunges">SUI transaction volume plunges</h2>
This reduction in transaction volume carries broader implications for SUI’s market health. Decreased participation often precedes price corrections, as lower liquidity makes it challenging for an asset to maintain recent gains.
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="347" src="https://thenewscrypto.com/wp-content/uploads/2024/10/image-22-1024x347.png" alt="" class="wp-image-110489" srcset="https://thenewscrypto.com/wp-content/uploads/2024/10/image-22-1024x347.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/10/image-22-300x102.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/10/image-22-768x260.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/10/image-22.png 1536w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
 Source:&nbsp;<a href="https://app.santiment.net/" target="_blank" rel="noopener noreferrer nofollow">Santiment</a>
 </figcaption>
</figure>
The evident caution among investors could act as a self-fulfilling prophecy, exerting downward pressure on SUI’s price in the near term.
From a macro perspective, technical indicators paint a bearish picture for SUI. The Chaikin Money Flow (CMF), a key metric for gauging buying and selling pressure, has been consistently negative since the beginning of the month.
The CMF’s position below the zero line confirms ongoing capital outflows, suggesting investors are actively moving funds away from SUI to mitigate potential losses.
Looking ahead, SUI’s price action appears precarious. The loss of bullish momentum that drove it to its recent ATH puts the critical $1.70 support level at risk. A breach of this threshold would likely confirm the bearish outlook, potentially paving the way for a further decline to the next significant support at $1.45.&nbsp;&nbsp;

SUI Fails to Sustain Bullish Momentum: Transaction Volume Drops

Table of Contents

TheNewsCrypto

Other articles published on Oct 10, 2024

Last Chance: MoonBag’s High-ROI Crypto Presale Closes Soon!

WisdomTree Prime’s digital money market fund to become Visa debit card funding source

Optimism Distributes 10.3 Million OP Tokens in Latest AirDrop

Is Bitcoin Poised to Hit $67K Amidst Looming Liquidation Threats?

“Orange” Analogy Adds Zest to Ripple’s Appeal Against SEC

Harga Bitcoin Bisa Tembus US$90.000 Jika Trump Menang Pemilu AS

Join our free newsletter for daily crypto updates!