Can SUI repeat its 360% rise after recent 13% loss? Evaluating…

• SUI remains bullish despite experiencing two bearish cycles.
• Can it replicate this success again?

Among the top losers this week, the needle [SUI] Down more than 13%, back to $1.70 with a daily dip of close to 10%. This pullback follows a strong rally in September that pushed the SUI past $2.30.

With the weak hand exiting, some investors may see the current price as an attractive entry point. However, with market-wide volatility increasing, can SUI defy the odds and stage a comeback?

History may repeat itself

After a six-month slump, the SUI experienced a significant rally in early August, thanks to of grayscale Support, which offers traders indirect exposure to assets.

This increased visibility highlighted SUI's fast transaction speed and smart contract capabilities, helping investors realize its true utility.

As a result, the token has enjoyed a remarkable upward swing for two consecutive months, gaining 360% to an all-time high of $2.30 during two bearish cycles during this period.

A similar pattern is emerging now. Ex (formerly Twitter), developers announcement Integration of Telegram's biggest game MemeFi on Sui Network. It again demonstrated its impressive throughput.

Source: Artemis Terminal

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

Daily transactions decreased from 4.8 million to 4.6 million, including other key metrics.

However, there has been a significant increase in new wallets entering the ecosystem, increasing from 90K to 130K. This spike indicates renewed interest in the market.

This development is significant for two reasons: new buyers see the current price as the bottom of the market, and it indicates growing optimism about SUI's future prospects – a bullish sign.

SUI can maneuver in this regard for a comeback

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

Source: TradingView

While this may sound bearish, the current position may actually encourage continued buying interest, as there is no significant selling pressure.

As new wallets grow, the token has a solid chance to rebound. This can happen by leveraging ongoing market volatility to attract capital away from high-cap altcoins to more affordable alternatives.

Read the needle [SUI] Price Forecast 2024-25

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

However, consistent monitoring of two key metrics – new interest and performance of other altcoins – will be essential.