Price Analysis

SUI Price Prediction: Will $SUI Leverage TVL Expansion With a 15% Rebound?

SUI Price Prediction: The SUI price bounced back from 50% FIB level in tandem with an aggressive rally in the network’s TVL hints new recovery ahead
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SUI Price Prediction: Will $SUI Leverage TVL Expansion With a 15% Rebound? 

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.

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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.
SUI Price Prediction| TradingView Chart

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.

SUI Network TVL| Defilama

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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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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