SUI Price Hits New All-Time Low Despite Increased TVL
The price of SUI has been on a downward trend since May, reaching a new all-time low of $0.36 on October 18. This is a significant decrease of 76% from its all-time high of $1.50. Interestingly, this drop comes despite the Total Value Locked (TVL) in the platform reaching a new all-time high of $59 million. The TVL has been steadily increasing since August, indicating growing interest in the platform.
SUI Foundation Addresses Manipulation Accusations
Addressing concerns about manipulation, the Sui Foundation denied reports that it had sold a significant amount of its SUI tokens and was actively manipulating the supply. The foundation urged the public to verify this information by checking the blockchain data. Additionally, the foundation announced that it had awarded over $1 million in grants to fifteen projects working on gaming, DeFi, commerce, and tooling.
SUI Price Prediction: When Will a Bottom be Reached?
Traders often use the Relative Strength Index (RSI) to evaluate market conditions. Currently, the RSI for SUI is below 50 and falling, indicating a bearish trend. Furthermore, it has broken down from its ascending support trendline. According to Fibonacci retracement levels theory, a bottom can be expected after a significant price change in one direction. In this case, the 1.61 external Fib level at $0.34 aligns with the wedge’s support line and could serve as a potential bottom.
Hot Take: Future Outlook for SUI Price
The future price of SUI will depend on whether it bounces at the $0.34 support level or breaks down from the wedge pattern. A bounce could lead to a 30% increase to $0.45, while a breakdown could result in a 55% drop to $0.16. A well-known crypto analyst believes that the price will bottom soon and has expressed willingness to buy more if it falls to $0.30.
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