On January 29, 2025, the price of SUI has many fluctuations with:
Opening price: 3.6535 USDT
Highest: 3.7693 USDT
Lowest: 3.6294 USDT
Closing price: 3.7047 USDT
Technical indicators show that the price of SUI is under adjustment pressure:
MA(7): 3.9750 USDT
MA(25): 4.5693 USDT
MA(99): 3.7762 USDT
Currently, the price is fluctuating below MA(25) and is likely to test MA(99), indicating that selling pressure is prevailing.
Increased Selling Pressure Due to Lunar New Year
One of the main reasons for the significant selling pressure in the SUI market is the Lunar New Year in Vietnam, one of the countries with a vibrant cryptocurrency investment community.
Many investors tend to take profits before long holidays to reduce risks, leading to an increase in sell orders:
Total buy orders: 335.00K SUI
Total sell orders: 475.21K SUI
Net cash flow: -140.21K SUI
Moreover, large capital inflow into the market has also recorded a sharp decrease, with capital withdrawn reaching -814.44K SUI, while inflow only reached 177 SUI.
NFT Situation: Walrus Explorer Records Fluctuation
In addition to the token market, NFTs on the SUI ecosystem are also affected by the trend of selling before the Lunar New Year holiday. The price of Walrus Explorer NFT is currently trading at:
0.14 SUI for sell order
0.08 SUI for buy order
This price spread indicates a slight decrease in NFT liquidity, as investors tend to temporarily leave the market during the holiday.
Market Forecast and Assessment
Taking profits before Lunar New Year is a familiar trend over the years, but it can also create opportunities for long-term investors looking to accumulate at lower prices.
After the holiday, the SUI market may recover if capital flow returns strongly. However, it is necessary to monitor signals from liquidity as well as market sentiment before making investment decisions.
