Will SUI Price Surpass $2 Mark?
A bullish rounding bottom pattern is fueling the current recovery trend in SUI price. However, the price may face significant supply pressure at $1.68 and $1.875. The intraday trading volume for SUI is $513 million, indicating a 7.5% loss.
After rebounding from $0.364 in late October 2023, the SUI coin experienced a sustainable rally and reached $1.6, marking a growth of 341%. This positive momentum is also reflected in the DeFi sector, where the SUI network’s Total Value Locked (TVL) has increased by 1000% in the past four months, surpassing other top blockchains.
Analyzing the daily charts reveals that the coin’s price movement is forming a rounding bottom pattern, which often signifies the end of bear cycles and the start of a new recovery phase.
Based on the Fibonacci retracement tool, the recent correction has reignited buyer interest and extended the bullish trend. If this momentum continues, there is a possibility for the SUI price to target $1.677 in the short term and potentially reach an all-time high of $2.77. However, periodic pullbacks are expected due to SUI’s historical price patterns.
- Exponential Moving Average (EMA): The 20 and 50-day EMA act as strong support levels for SUI during market corrections.
- Average Direction Index: The ADX indicator at a high of 32% suggests that buyers may soon lose steam and a pullback is needed for long-term growth.
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Hot Take: Possibility of New All-Time High for SUI in February 2023
SUI, the native token of the layer 1 blockchain, is currently experiencing a strong rally with significant trading volume and an impressive increase in Total Value Locked (TVL). The bullish rounding bottom pattern suggests the potential for a sustained rally and raises the question of whether SUI will achieve a new All-Time High in February 2023.
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