Sui Shows Strong Development Activity Amid Price Drop, What’s Next for SUI Price?

Key Takeaways:

• Sui’s Rocky Start: Sui, a relatively new entrant to the crypto market, has faced a challenging initiation in the midst of a bear market. Since its launch in early May 2023, its price has steadily declined.
• Bearish Trends: Sui’s price is down by about 15% in the last 30 days and has experienced a substantial drop of over 45% in the past 90 days.
• Technical Analysis: Currently priced at $0.37, Sui is trading below its 50-day exponential moving average. A potential rally hinges on breaking and maintaining levels above this moving average.
• Reversal Pattern: Encouragingly, a descending wedge pattern on the chart suggests a possible bullish breakout in the future. Immediate resistance levels stand at $0.5, aligning with the 50-day EMA and the descending wedge.
• Code Commitment: On a positive note, Sui’s network exhibits a strong uptrend in cumulative code commits, signifying robust development efforts and dedication from the project’s team.

Sui Price Technical Overview

SUI/USD | Source: Tradingview

• One of the more recent entrants into the crypto market, Sui is a crypto project that hasn’t been doing very well in its first bear market. Launched as recently as May 3, 2023 – this is an altcoin that has been seeing a steady decline ever since it began trading in the open market.
• According to data from CoinMarketCap, Sui price is down nearly 15% in the past 30 days and down over 45% in the past 90 days!
• SUI price, at $0.37, is trading well below its 50-day exponential moving average on the chart – as indicated by the yellow line currently placed at $0.46. If SUI price wants to see a rally in the near future, it will need to break out of the 50-day exponential moving average and sustain above it.
• On an optimistic note, SUI price is currently undergoing a descending wedge pattern on the chart, as demarcated by the two blue trendlines. A wedge pattern is widely considered to be a reversal pattern, and thus a descending wedge typically indicates a bullish breakout sometime in the future.
• On an immediate basis, Sui price will need to breach $0.5, which coincides with the 50-day EMA and also breakout above the descending wedge convincingly to stage a proper bullish recovery.
• On the downside, Sui price is currently taking support of the S3 level of the Fibonacci pivot point and a breakdown below this will bring Sui price into uncharted bearish territory.

Sui On-chain Overview

Cumulative Code Commits

Daily Cumulative Code Commits | Source: Token Terminal

The “Cumulative Code Commits” on the Sui network have shown a robust uptrend, indicating increased development activity and commitment from the network’s development team. This metric, which tracks the number of code commits over time, is a valuable measure of a blockchain project’s progress and the level of effort being invested in its development.

Monitoring the cumulative code commits, along with other on-chain metrics, provides valuable insights into the health and progress of the Sui network, ultimately contributing to a better understanding of its long-term potential.

Read More: SUI Price Prediction

Conclusion

Sui’s initial journey in the crypto market has been marked by challenges, yet its recent technical patterns hint at the potential for a bullish reversal. Sui’s price trends, while currently bearish, could turn around with a successful breakout above the 50-day EMA and the descending wedge. Furthermore, the project’s commitment to development, reflected in the increasing code commits, provides hope for its long-term prospects. Monitoring both technical indicators and on-chain metrics is essential to gauge Sui’s future performance in the volatile crypto landscape.