In recent days, the social sentiment surrounding SUI has experienced a remarkable surge. This increase in community interaction across multiple platforms indicates growing support and enthusiasm from a vibrant community, solidifying SUI’s position in the cryptocurrency sector as a potential asset.
Massive Spike Pushes SUI’s Social Sentiment To Record Highs
Renowned crypto expert and trader Ali Martinez recently conducted an investigation highlighting a significant shift in interest among SUI investors and enthusiasts. Martinez reported that the volume of social exchanges centered around the crypto asset has reached an all-time high, reflecting rising confidence in its potential for both short-term and long-term gains.
Online conversations and activities around the altcoin have surged in tandem with the growing interest in the SUI ecosystem. This has contributed to a notable improvement in its social metrics. Martinez noted that the social metric surged to new levels following a nearly 300% increase in the value of the digital asset over the past month. This price spike has captured the attention of both investors and traders, buoyed by recent optimism around the entire crypto market.
However, Martinez has cautioned that while there might still be room for growth, the heightened market attention suggests that a price correction could be approaching in the short term. His insights came after identifying a striking resemblance between SUI’s current price trend and that of Solana (SOL) in the 2021 cycle. “SUI looks like Solana back in 2021 before the bull run,” he stated.
After thoroughly observing both asset charts on a weekly time frame, the analyst claims that SUI is exhibiting a parallel pattern with SOL’s explosive growth in 2021. This suggests that the altcoin could replicate this trajectory, leading to a significant bullish surge in the coming months.
Path To Retesting Previous All-Time High?
With its strong price performance, there is rising speculation that SUI might be retesting its previous all-time high in the short term. Riccio Capital, an Asia-based blockchain and news provider, made a bullish prediction following a breakout from a pivotal resistance level.
According to the platform, the crypto asset has effectively broken through the resistance level situated at $1.15181, which now acts as the new support range. Following this breakout, Riccio Capital noted that the altcoin is currently eyeing the next resistance level at $1.18106, with a strong likelihood of revisiting its past peak of $2.1778 soon.
As a result, the platform has urged investors to watch for an impending Golden Cross formation, a technical pattern that typically signifies a noteworthy upward movement.
Featured image from Shutterstock, chart from Tradingview.com
