Constructive Pullback Sets SUI for 20% Rebound
The SUI token, developed by Mysten Labs, experienced a 4% increase on Wednesday, making it the top performer in a market downturn. This follows a recent rebound from the $1.03 support level, with the current price at $1.26. Despite the retracement and surge in TVL, the SUI price shows potential for recovery.
Retracement Indicates Intact Uptrend
- The SUI price retracement to the 382% Fibonacci retracement confirms that the prior uptrend is still intact.
- The recent price surge allowed buyers to regain the 20-day EMA, giving them an advantage in the market.
- The intraday trading volume in SUI has seen a 54% gain, reaching $811 billion.
SUI Stabilizes Above Key Support Level
Despite a significant decline from its high of $1.45 in early January, the SUI price has stabilized above the $1.03 support level. As Bitcoin shows signs of recovery, downward pressure on the market has lessened, allowing SUI to find support and stabilize.
This support aligns with the 38.2% Fibonacci retracement and has provided a strong base for potential buyer momentum, resulting in a 25% increase in value over the past three days.
Just eight months after its Mainnet launch, Sui has become the second-largest non-EVM chain in terms of Total Value Locked (TVL), with $355 million in TVL. This rapid growth and adoption rate have propelled Sui to 12th place in the overall blockchain platform rankings by TVL.
Potential for Uptick and Breakout
If the SUI price demonstrates 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 confirm an 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.
Hot Take: SUI Shows Resilience Amidst Market Downturn
The recent performance of SUI token amidst a broader market downturn highlights its resilience and potential for recovery. With a constructive pullback setting it up for a 20% rebound, the retracement to the Fibonacci level confirms its intact uptrend. Stabilizing above key support levels and demonstrating strong buyer momentum, SUI has positioned itself as one of the top non-EVM chains in terms of TVL. The potential for an uptick and breakout further indicates a positive outlook for SUI. Despite market fluctuations, SUI continues to show strength and resilience.
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