The cryptocurrency market was painted red. A number of assets were seen bleeding making it an uneventful start to the week. SUI was also part of this and witnessed a much bigger downfall. Despite this, the community is sure that the asset will record a new all-time high sooner than later. This is mostly because of SUI’s rise earlier this month, where it hit a new peak. The real question is if the cryptocurrency will end the first month of the year on a good note.
Also Read: XRP on Edge: SEC Appeal Looms as Ripple Countdown Hits Critical Stage
SUI Slips By Over 7%
Over the past 24 hours, the altcoin recorded a 7.36% drop. At the time of writing, SUI was trading at $4.49. The asset’s weekly loss stands at 13%. Amidst this, the cryptocurrency’s trading volume was on the rise. Throughout the past day, the asset’s volume surged by 51%, bringing the final value to $1.33 billion.
It is worth noting that SUI hit an all-time high of $5.35 just last week. After the market’s recent carnage, the asset dropped 15.56% below this peak. Despite this, the community was quite optimistic about the altcoin’s upcoming rise.
According to CoinMarketCap’s Community Sentiment, about 85% of 111.4K individuals believe that SUI is expected to record a rise over the next couple of days. A dainty 15% were on the bearish side of the spectrum.
Also Read: Top 3 Cryptocurrencies To Buy During The Current Market Dip
January Price Prediction
According to data from CoinCodex, SUI will indeed record new peaks over the next couple of days. The firm revealed that the asset is expected to trade at a maximum price of $15.71, marking a 250% rise from its current price level. This milestone is much higher than the $10 mark. The average trading price of SUI during this month sits at $9.37. The next few days of the month could turn out to be extremely bullish for SUI holders.
Also Read: Bitcoin Bull Pennant: Analyst Predicts $140,000 Target After Breakout
Credit: Source link
