Over the last week, despite the increased volatility in Bitcoin and Ethereum before the CPI data release, SUI maintained a bullish trend. SUI price upheld a 15% rise then to rank among the top weekly performers.
Will the new recovery run and the price jump above $1 result in a new 52-week high for SUI this season? Let’s find out.
Grayscale and Bmoon’s Optimism Surge For SUI
As the broader market sentiments are improving, the bull run in the SUI token price is expected to gain momentum. With the bullish narrative of SUI, the crypto analyst BMOON tweets about the upcoming rally with a potential target of $3.6.
Reflecting a positive channel in a weekly time frame, BMOON expects the bull cycle in SUI price within the channel to hit $3.6552.
Adding credibility to the project, Grayscale’s new Trust adds credibility to SUI, reinforcing positive market sentiment.
It is open to eligible investors ready to invest in a third-generation blockchain designed to improve scalability and reduce transaction costs.
SUI Price Analysis
With a market cap of $2.713 billion, SUI ranks among the top 30 cryptocurrencies. Currently, it has reclaimed the psychological mark of $1 and is trading with a 14.48% jump in the past 24 hours. With the recovery rally in motion, the past seven days for SUI price have been profitable, with a surge of 26.17%.
As per our technical analysis, the Logarithmic daily chart reveals a bullish cycle from the 23.60% Fibonacci level. The recovery run gains momentum as the retest of the falling channel breakout reveals massive demand at lower levels.
The bull cycle is now accounting for a price jump of 36.25% in the last ten days. With this, the SUI price is now challenging the crucial resistance of 50% Fibonacci level at $1.0541.
With a bullish engulfing candle of 11.4% intraday jump completing a morning star pattern, the sentiments are improving. Hence, the chances of a bullish breakout rally in SUI prices are significantly increasing. In the near term, before SUI reaches BMOON’s expected $3.65 target, the near-term resistances are at 61.80% and 78.60% levels at $1.23 and $1.55, respectively.
Technical Indicators:
EMA: The 50-day and 200-day EMA maintain a bearish alignment. However, the recent bull run presents an uptick in the 50-day EMA, teasing a golden crossover.
MACD: The MACD and signal line give a bullish crossover and sustain a positive trend. Further, a surge in positive histograms bolsters the uptrend.
Wondering if the bull run in SUI will surpass $2 in 2024? Find out now in Coinpedia’s well-rounded SUI price prediction!
