SUI price has been in a tailspin since its launch on May 3. The price briefly surged to $2.16 during the first few seconds of its exchange listing. However, it has been in a constant downtrend since then. In this article, we take a shot at the SUI blockchain price prediction while also discussing the reasons behind current price action.
After a bounce on Tuesday, the SUI price turned red once again on Wednesday. Till press time, the newly launched coin was down 0.75%. Most of the other cryptocurrencies also showed a similar price action on the third trading session of the week.
SUI Blockchain TVL Decreases By 40%
According to the TVL tracking site DeFi Llama, the total locked value on the SUI blockchain has decreased significantly in the past few days. The network TVL which stood at $36 million on Monday, has fallen to $22 million. This translates into a drop of 40% within a span of 3 days.
This TVL decrease is not that surprising, as the SUI crypto blockchain has just been launched and needs time to gain traction. A significant increase in TVL in the coming days may also affect the SUI price quite positively. As per the network stats, Cetus is currently the biggest dapp on SUI with $16.74 million TVL.
SUI Price Breaks Down From Symmetrical Wedge
The following chart of SUI crypto reveals that the price has broken below the symmetrical wedge pattern. Such breakdowns tend to be very bearish, and the price has perfectly met the price target of this move. The price bounced off the $1.02 level Monday and is now trading 20% above the lows.
In the coming days, I expect another retest of the $1 level. This will be a very critical retest as the SUI price prediction will heavily depend on it. If the price gets a strong bounce from this level, then it may form a double-bottom reversal pattern. In such a case, SUI may target a new all-time high.
In the meantime, I’ll keep sharing updated outlook on the SUI network in my free Telegram group that you’re welcome to join.