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SUI's recent performance has indeed been eye-catching. It surged over 10% within 24 hours, driven by a buy signal that recently appeared on the TD Sequential bi-weekly chart — historically, when this signal has appeared, the price has increased by 388% and 617%. Of course, whether this time can replicate such a rally remains uncertain.
From a technical perspective, the price rebounded from support around $1.32. The Relative Strength Index (RSI) has already reached 78, which essentially means it's a bit overbought and in the overbought zone. However, on-chain data remains solid: the network recently completed a $60 million token unlock, with over 13 million daily transaction counts, and the total value locked (TVL) has surpassed $1 billion. These figures indicate that the ecosystem's activity is still robust.
Additionally, there are market rumors that a spot ETF for SUI might be coming, which is also fueling positive sentiment. However, risks should not be overlooked — macroeconomic conditions and market situations still carry uncertainties, so trading at this time requires extra caution.