SUI Token Surges Over 20% Amid Crypto Market Downturn
Sui, a layer 1 blockchain network, has seen its native token, SUI, defy the current cryptocurrency market trend with a remarkable surge of 20.54% within the last 24 hours. This surge has propelled the coin’s value above the $1.00 mark, a significant psychological resistance level that was last seen on June 14.
Despite the market downturn, SUI’s value continues to rise, reaching an intraday market capitalization of $2.82 billion. This surge has placed SUI as the 30th-ranked cryptocurrency, further supported by a 161.04% increase in its 24-hour trading volume, now standing at $715.26 million.
Bullish Reversal and Price Predictions
After hitting a nine-month low of $0.4623 on August 5, SUI has experienced a bullish reversal, with its price surging by over 122% to break through the key resistance level at $1.00. Market analysts are optimistic about the coin’s short-term prospects, foreseeing further gains as it breaks through additional barriers.
Technical Analysis and Potential Price Movements
From a technical standpoint, both the 20-day and 100-day moving averages indicate strong upside potential for SUI. Analysts anticipate a push towards the $1.20 threshold, which aligns with the 61.8% Fibonacci level. A successful breakout above this point could lead to a challenge of the next major resistance at $1.44, last seen on April 22.
However, caution is advised as the daily RSI indicator shows SUI in overbought territory, suggesting a possible price reversal. In the event of a pullback, key support levels are expected near the 100-day and 20-day moving averages at $0.8930 and $0.7413, respectively. Further decline could see the coin retesting $0.666 levels, providing an opportunity for traders to enter long positions.
