Sui, a layer-1 blockchain network, has witnessed its native token, SUI, outperform today’s crypto market slump. Its price exhibited a massive uptick of 20.54% in the last 24 hours alone.
As a result, the value of the token has escalated, surpassing the psychological resistance level around the $1.00 mark, last observed on June 14. As of press time, SUI was valued at $1.09.
Following this optimism, the token’s intraday market cap soared to new heights, reaching $2.82 billion, positioning it as the 30th largest crypto by rankings. Moreover, its 24-hour trading volume paints a brighter image, reflecting a 161.04% surge to $715.26 million within the same period.
Meanwhile, the global crypto market tells a different story as it corrects to $2.11 trillion, with Bitcoin leading the path. Currently, BTC trades at the $58.4K support level, reflecting a 3.59% decrease in the last 24 hours.
SUI’s Bullish Reversal After 9-Month Low
As observed on TradingView’s daily chart, the SUI token has been trending bearish, forming lower lows since its all-time high of $2.18. However, the sentiment changed, as the token reached a 9-month low of $0.4623 on August 5.
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Since then, its price has skyrocketed by over 122% to its current level, surpassing the key resistance along the $1.00 mark, indicating solid bullish momentum in the market.
Market analysts forecast that the token is a promising asset in the near term should the uptrend persist. It could potentially gain further gains as it breaches additional vital barriers.
Key Levels to Watch
From a technical perspective, the 20-day and 100-day simple moving averages are trading below SUI’s price, signaling a robust uptick in the short-term and long-term. Consequently, market experts anticipate the token’s prices might reach higher levels if these moving averages are sustained.
Such a move could push the token’s price toward the $1.20 threshold along the 61.8% Fibonacci level. A break above this zone could further challenge the asset’s next key barrier, around $1.44, previously hit on April 22.
Conversely, the daily RSI indicator shows the token trending in the overbought region, indicating a potential price reversal. Typically, once oversold conditions are reached, a price correction follows.
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This could pull SUI’s price to deeper levels, potentially finding key support levels around the 100-day and 20-day MAs at $0.8930 and $0.7413, respectively. Should these supports falter, then the token could retest the $0.666 level, an area where traders may opt to enter for long positions.
Also Read: How a Bitcoin Reserve Could Slash the $35 Trillion US Debt
