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SUI price prediction: On Wednesday, SUI, a token developed by Mysten Labs, emerged as the top performer amidst a broader market downturn, registering a notable 4% increase within the day. This uptick provides a suitable follow to the recent rebound from the $1.03 support level, with its price currently standing at $1.26. Amid a healthy retracement and aggressive surge in TVL(Total Value Locked), the SUI price shows a higher potential for recovery.
Constructive Pullback Sets SUI for 20% Rebound
- The SUI price retracement to 382% Fibonacci retracement indicates the prior uptrend is intact
- With the recent price surge, the buyers regained the 20-day EMA offering an additional edge to market buyers.
- The intraday trading volume in SUI is $811 Billion, indicating a 54% gain.
Following a significant downturn in the broader market, the SUI price experienced a notable decline from its early January high of $1.45, dropping by nearly 30% over two weeks to a low of $1. Despite this, as Bitcoin shows signs of recovery towards the $40K threshold, the downward pressure on the market has lessened, allowing the SUI price price to stabilize above $1.03.
This support concising with the 38.2% Fibonacci retracement, provides a robust base for potential buyer momentum, evidenced by a 25% increase in the coin’s value over the past 3 days.
Just eight months after its Mainnet debut, Sui has ascended to the second position among non-EVM (Ethereum Virtual Machine) chains in terms of Total Value Locked (TVL), with an impressive $355 million in TVL. This achievement places Sui 12th in the overall blockchain platform rankings by TVL, highlighting the network’s swift expansion and adoption rate.
Should the SUI price demonstrate a reliable reversal pattern at the $1.03 support level, there is potential for a 15% uptick, aiming for the near-term resistance at $1.45. A successful breakout above this barrier will give buyers a better confirmation of uptrend resumption.
- Exponential Moving Average (EMA): The SUI price positioning above the 100-day and 200-day EMAs indicates a sustained bullish trend over the long term
- Directional Moving Index: A bearish crossover state between MACD and signal line accentuates the seller’s firm grip over this asset.
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