Join WhatsApp Channel
Join Telegram ChannelSUI has made headlines recently by surpassing the market value of Litecoin (LTC), driven by a significant increase in its user base over the past month.
However, a weekly correction of more than 6% has now put SUI among the losers, prompting analysts to speculate whether the decline is a strategy to shake off weak investors or a precursor to a price surge towards $2.40.
SUI Surpasses Litecoin
If this upward trend continues, SUI could threaten NEAR Protocol's position as the 17th largest cryptocurrency by market capitalization. Despite facing declines, SUI has maintained strong support at $0.53, indicating its recovery potential.
Currently priced at $2.06, SUI has experienced significant growth, but concerns arise as the Relative Strength Index (RSI) shows overbought conditions. However, SUI's innovative network aims to overcome the problems of traditional blockchain and enable fast transactions, reaching incredible speeds of 270,000 transactions per second.
After hitting a historic high of $2.40, some wallets started liquidating their holdings, leading to a recent correction that brought SUI closer to $2.05. To facilitate another rally, it is important for buyers to support the $2 price point.