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SUI price: As the broader crypto market faces uncertainty about sustainable growth, SUI, the native token of the layer 1 blockchain, is showing a strong rally, evidenced by notable trading volume and a significant increase in the network’s Total Value Locked (TVL). This positive trend developing into a bullish rounding bottom pattern hints at the possibility of a prolonged sustained rally. Will this recovery trigger a new All-Time High in February 2023?
Will SUI Price Surpass $2 Mark?
- A rounding bottom pattern leads to the current recovery trend in SUI price.
- The rising price could face significant supply pressure at $1.68, and $1.875.
- The intraday trading volume in SUI is $513 million, indicating a 7.5% loss.
Amid the broader market recovery, the SUI coin entered a new recovery in late October 2023, when its price rebounded from $0.364. This positive turnaround developed into a sustainable rally and pushed the altcoin to $1.6, registering 341% growth.
This momentum is mirrored in the DeFi sector, where the SUI network’s Total Value Locked (TVL) has impressively escalated by 1000% over the past four months, reaching a high of $455 million, as reported by DefiLlama. This surge has vaulted Sui into the top 10 global blockchains by TVL, surpassing the likes of Base, Cardano, and Bitcoin.
Analyzing the daily charts reveals that the coin’s price movement is forming what appears to be a rounding bottom pattern. This pattern, typically emerging at the end of significant bear cycles, often heralds a new recovery phase.
The application of the Fibonacci retracement tool suggests that the recent correction has revitalized buyer interest, extending the current bullish trend. Should this positive momentum continue, it’s feasible for the SUI price to target $1.677 in the near term, with the potential to reach an all-time high of $2.77.
However, this trajectory is not expected to be linear, as SUI’s price history indicates a tendency for periodic pullbacks, which contribute to its overall growth pattern.
- Exponential Moving Average (EMA): The 20 and 50-day EMA provide strong dynamic support to SUI during market corrections.
- Average Direction Index: The ADX indicator at a high of 32% accentuates the buyers may soon turn out of steam and will require some pullback to maintain long-term growth.
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