- After the main fall, SUI’s new wallets and active addresses have surged in the last 24 hours.
- The value of the SUI decreased 26.14% during the above mentioned period.
Over the past month, SUI has been traded continuously within the range of $ 2.4 and $ 3.7. At the time of writing, Altcoin was traded for $ 2.55 after 9.8% dropped on the daily chart.
Similarly, Altcoin was depreciated by 10.07% and 26.14% in the state and monthly charts, respectively.
Source: Artemis
But despite the aforementioned decline, there have been some signs of hope for Altcoin. First of all, active users had significant surge. Similarly, the active address of SUI increased 110% to 1.5 million.
As the number of active users increases, the demand for Altcoin seems to be increasing. In general, if an active address rises, investors return to the market or enter the country.
According to Artemis, most of these active addresses are new wallets, and SUI has seen 1.2 million new wallets and 243.5K return wallets.
Source: Artemis
The big spike of the new wallet can be a signal that SUI is demanding. In particular, new investors are continuously entering the market.
Importantly, this address is mostly hidden and seems to have entered to accumulate altcoin. This strength can be proved to be a recent increase in SUI’s weighted feelings, and in September 2024, it climbed to this popular level.
When the weighting feelings turn into positive, most users have a positive perception of the network and expect to grow.
Source: Santiment
Can SUI see trend reversal?
In the light of the indicators mentioned earlier in six months, investor feelings seem to be slowly strong.
This change is proved by the fact that the SUI’s funding rate OI weight has also changed positively. Previously, Altcoin’s financing rate was maintained for two days. During this period, ALTCOIN was hit by a three -week minute on the chart.
Source: Mesari
Thus, such a sudden reversal means that investors are now reinforced, now have longer positions, and they are paying a premium fee. In particular, this change in market sentiment places Altcoin to gain more profits from the price chart.
In short, Sui sees the feelings of the market changing from Bearish. This has opened more addresses. If these addresses change to powerful demand, the SUI can recover $ 2.8 and move to $ 3.
But if the seller still appears in the market, additional sales will return to about $ 2.4.