SUI price is making huge headlines by displaying immense strength regardless of the selling pressure mounted over the crypto markets. After a brief pullback, the token has begun to revamp a strong recovery, which could push the prices above the major resistance. Once this move is materialised, the SUI price is speculated to form a new ATH, probably above $5 in the next few weeks. But wait, there’s some twist before the 200x rally.
SUI has been leading the markets for the past few days and has been one of the strongest cryptos. With over 250% jump since the August bottom, here are some of the reasons that could have driven the bullish sentiments.
- People are comparing the SUI price rally to that of Solana and are expecting a similar breakout, which has attracted huge attention and liquidity
- It became one of the biggest chains with over a billion TVL locked, surpassing Avalanche and Polygon, with the daily average transaction volume consistently ranking within the top 5
- After the Mysticeti rollout, it has become the fastest chain, with a transaction speed of less than half a second
- SUI platform has been focusing mainly on gaming while others are launching hardware or mobile, indicating their dedication to building a strong gaming ecosystem
- The team is rolling out Walrus, a decentralised storage to compete with Filecoin, which is set to be launched in Q1 2025 along with its native token $WAL
What’s Next? Has the SUI Price Triggered a Bull Run?
SUI price has been maintaining a steep ascending trend ever since the start of September when the markets faced a huge pullback in the beginning. The bears appear to have held the resistance zone between $1.9 and $1.95 very strongly and as a result, the price is unable to clear these levels, regardless of multiple attempts. Now that the price has broken down from the support trend line and shifted into bearish mode, a 20% to 30% retracement appears to be imminent.
After the recent rejection, the technicals have shifted in favour of the bears as the RSI is plunging after failing to sustain within the over-bought region. Besides, the MACD has flashed bearish signals with a bearish crossover in the happening. Additionally, the sellers appeared to have entered in very large numbers, as the selling volume has outperformed the buying. Therefore, the current trade setup suggests the SUI price could probably plunge to the interim support level of $1.44 by this weekend.
If, in case, the bulls fail to initiate a rebound here, then the SUI price may plunge towards the crucial trend reversal zone between $1.01 and $1.049.
