Este artículo también está disponible en español.
SUI showcased a remarkable performance on Friday amidst a market retrace. Following Bitcoin’s drop to the $55,000 mark, SUI was among the few cryptocurrencies displaying green numbers, surging by 8%. The token’s performance, coupled with network developments, has instilled a bullish sentiment among investors. However, some analysts remain cautious, warning that the current joy could be short-lived.
Related Reading
SUI Surges as Top 100’s Largest Daily Gainer
SUI was among the best performers throughout August, registering 50% surges amid market downturns. Several factors fueled the cryptocurrency’s resilience last month, including network updates, large over-the-counter (OTC) bids, and strong holdership through significant unlocks. Additionally, Grayscale, a prominent crypto asset manager, launched its investment trust, Grayscale SUI Trust, based on SUI. This move contributed to the token’s bullish momentum, pushing the price to levels not seen since mid-June.
Since then, SUI has been moving within a multi-month accumulation zone between $1.2 and $0.57, with the lower range acting as a key support area. Throughout August, the token repeatedly tested the $1 resistance level but ultimately failed to reclaim it as support. As September began, SUI’s price experienced a 23% crash due to market volatility, temporarily losing the $0.75 support zone. Nevertheless, the cryptocurrency quickly consolidated above this level as the week progressed.
After successfully reclaiming support at the $0.8 level, SUI surged by 8% on Friday morning, with its price moving towards the $0.088 mark. The token registered green numbers across most timeframes, making it the largest gainer among the top 100 cryptocurrencies with a 6.3% increase in the last 24 hours. Additionally, SUI displayed an impressive 8.5% and 36.8% jump in the weekly and monthly timeframes, respectively, further fueling bullish sentiment among investors and market watchers.
Will SUI’s Rally End Soon?
Crypto analyst Alex Clay highlighted SUI’s performance over the past month, noting its movements between the mid-zone and key support zone within the larger accumulation range. According to Clay, the cryptocurrency’s price could target the $1.8 resistance level soon if it breaks above the $1.2 mark. Furthermore, he believes that the bullish momentum could drive the price to mid and long-term targets of $3.3 and $5, respectively, although he considers these to be conservative targets.
Another crypto trader, Yuriy, pointed out that SUI broke out of its two-week range following its recent jump. The cryptocurrency’s chart displays a bullish flag formation, suggesting a potential breakout if the token consolidates above current levels. Yuriy noted that if SUI holds above the $0.84 support zone, the next resistance level would be within the $0.97-$1.02 range. A breakout above the $1 mark could potentially trigger a significant pump for the token. However, failing to maintain the key support zone could lead to a 15% to 20% drop in price.
Related Reading
Crypto analyst Altcoin Sherpa suggested that SUI’s chart remains attractive following its recent performance. However, he cautioned that the token might not be a suitable long-term hold. Sherpa warned that the bullish sentiment might be dampened by the upcoming token unlock scheduled for October 3.
SUI’s performance in the biweekly chart. Source: SUIUSDT on TradingView
Stay updated with the latest cryptocurrency market trends and insights to make informed investment decisions.
