As a seasoned researcher with years of experience navigating the turbulent waters of the cryptocurrency market, I must admit that SUI’s recent surge has piqued my interest. Having witnessed countless rallies and crashes throughout my career, I have learned to read between the lines and decipher the subtle signs that indicate a bullish or bearish trend.
SUI showed a remarkable performance on Friday amid the market retrace. Following Bitcoin’s drop to the $55,000 mark, the cryptocurrency was among the few tokens showing green numbers with an 8% surge.
The improvement in the token’s performance, coupled with advancements in the network, has sparked optimism among investors. Yet, certain analysts are wary of cryptocurrency, predicting that the excitement might not last long.
SUI Surges As Top 100’s Largest Daily Gainer
In August, SUI ranked among the top performers, experiencing a 50% increase even during market slumps. The robustness of SUI in the previous month was driven by multiple factors such as network upgrades, substantial over-the-counter (OTC) purchases, and strong ownership through significant unlocks.
Additionally, the crypto asset manager Grayscale introduced its product, Grayscale SUI Trust, which is centered around a specific cryptocurrency. This move sparked a surge in the token’s positive trend, pushing its price towards significant peaks last witnessed in mid-June.
After that point, SUI has been situated within an extended accumulation phase, spanning over several months, between the price points of $1.2 and $0.57. The lower range serves as a crucial support area during this time. Throughout August, the token repeatedly attempted to surpass the $1 resistance level, but it could not regain this level as a reliable support point in the end.
Starting in September, I observed a significant dip in SUI’s value, plummeting approximately 23% primarily due to market turbulence. This dip momentarily breached the $0.75 support zone. Yet, as the week unfolded, the cryptocurrency demonstrated resilience and consolidated above this critical level once more.
Following its recovery at the $0.8 price point, the token experienced an 8% jump on Friday morning. This upward movement pushed its value towards $0.088, showing positive trends across various timeframes. As of now, SUI stands as the top performer among the top 100 cryptocurrencies, reporting a 6.3% growth over the past 24 hours.
The token also displays an 8.5% and 36.8% jump in the weekly and monthly timeframes. This performance fueled a bullish sentiment among investors and market watchers.
Will SUI’s Rally End Soon?
crypto expert Alex Clay pointed out SUI’s recent performance over the past month, noting its fluctuations between the intermediate zone and significant support area within a larger “accumulation phase.
If the cryptocurrency surpasses $1.2, the analyst predicts it may reach the resistance level of $1.8 in the near future. Moreover, Clay anticipates that the bullish trend could propel the price towards his more modest long-term goals of $3.3 and $5, but he qualifies these targets as “conservative.
Yuriy, another crypto trader, pointed out that SUI broke out of its two-week range after today’s jump. The cryptocurrency’s chart displays a bullish flag formation, and a breakout could be attempted if the token consolidates above the current levels.
According to the article, if SUI remains above the $0.84 support level, its next potential resistance points lie within the $0.97 to $1.02 range. A surge beyond the $1 mark could trigger significant growth for the token. On the other hand, failing to maintain this crucial support level might cause a price decline of around 15% to 20%.
According to crypto expert Altcoin Sherpa, SUI’s current chart remains appealing following its recent gains. Yet, it’s important to note that this token may not be suitable for long-term investment. The analyst is anticipating that the bullish momentum could be interrupted by an upcoming token release, slated for October 3rd.
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2024-09-07 07:16