SUI has made headlines recently by surpassing Litecoin (LTC) in market value, fueled by a significant increase in its user base over the past month.
However, a weekly correction of over 6% has now placed SUI among the losing cryptocurrencies, prompting analysts to speculate whether this dip is a strategy to shake out weak investors or a precursor to a price surge towards $2.40.
SUI Surpasses Litecoin
Should this upward trajectory continue, SUI could threaten NEAR Protocol’s position as the 17th largest cryptocurrency by market cap. Despite facing downturns, SUI has maintained strong support at $0.53, showing its potential for recovery.
Currently priced at $2.06, SUI has experienced notable growth, yet concerns arise as its Relative Strength Index (RSI) indicates overbought conditions. Still, SUI’s innovative network aims to address traditional blockchain issues and enables rapid transactions, achieving a remarkable speed of 270,000 transactions per second.
After reaching a historic high of $2.40, some wallets began liquidating their holdings, leading to the recent correction that brought SUI close to $2.05. To facilitate another rally, it is crucial for buyers to support the $2 price point.
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