Can SUI repeat its 360% rally after its recent 13% loss? evaluation…

• SUI remained bullish despite experiencing two down cycles.
• Can he repeat this success again?

Among the biggest losers this week but [SUI] It fell more than 13%, falling to $1.70 with a daily decline approaching 10%. This pullback comes after a strong September rally that pushed SUI above $2.30.

With weak hands out, some investors may view the current price as an attractive entry point. However, with market-wide volatility rising, can SUI defy the odds and pull off a rebound?

Perhaps history will repeat itself

After a six-month slump, SUI saw a spike in early August, thanks to… Grayscale Support, which provided traders with indirect exposure to the asset.

This increased visibility has highlighted SUI’s fast transaction speeds and smart contract capabilities, helping investors appreciate its true utility.

As a result, the coin enjoyed a remarkable upward swing over two consecutive months, achieving a stunning 360% rise to an all-time high of $2.30, even amid two down cycles during this period.

A similar pattern is emerging now. On X (formerly Twitter) Developers Announce Integrating MemeFi, the biggest game on Telegram, into the Sui network. This once again showed his impressive productivity.

Source: Artemis Station

While this is certainly an encouraging sign to maintain momentum, the impact on daily transactions of the token – its main USP – has been minimal.

Daily transactions fell from 4.8 million to 4.6 million, along with other key metrics.

However, there has been a noticeable increase in the number of new wallets entering the ecosystem, rising from 90,000 to 130,000. This rise indicates new interest in the market.

This development is important for two reasons: New buyers view the current price as the bottom of the market, and it indicates growing optimism about SUI’s future potential – a bullish signal.

SUI may be strategizing on this for a bounce

Unlike the previous cycle, where the RSI rose above the 70 threshold – indicating an overheated market – SUI is currently at a more comfortable level, with buying interest remaining weak.

Source: TradingView

While this may seem bearish, the current situation may actually encourage continued buying interest, as there is no significant selling pressure on the horizon.

Coupled with the rise in new wallets, there is a strong chance for the token to rebound. This may occur by taking advantage of ongoing market volatility to attract capital away from high-value altcoins towards more affordable alternatives.

Read together [SUI] Price forecasts 2024-25

Hence, it may not be too optimistic to expect SUI to defy the odds once again and potentially see an upward swing to $2. If overall market sentiment remains bearish, SUI could hit a new all-time high.

However, constant monitoring of two key metrics – new interest and the performance of other altcoins – will be necessary.