This sounds virtually unfathomable for a token that traded at $4 simply three months in the past, however that’s simply how the crypto market is. As unstable because it will get.
If the value bounces off this mark, we might have to see a transfer above the $2.4 space to affirm that the course of the pattern has reversed.
The Relative Power Index (RSI) is at closely depressed ranges, which will increase the percentages of a rebound. Nonetheless, sentiment stays closely depressed, and unfavourable momentum appears to be accelerating moderately than slowing down.
Therefore, a drop to $1 may very well be on the desk if we get a bearish breakout under $1.75 within the subsequent few days.
Can a SUI ETF Save the Day?
Traders could also be involved that the constructive momentum that the token might expertise amid the launch of a SUI ETF may very well be misplaced now {that a} flood of different autos are already changing into obtainable, a lot earlier than the latter.
Solely Canary Capital and 21Shares have filed to get a Sui ETF listed. Canary’s ETF is already listed on the DTCC platform, that means that it’s within the pre-launch stage at the least.
Nonetheless, high tokens and networks like XRP, Solana, and Ethereum appear to be capturing many of the institutional curiosity on the market, and buyers have observed.
