Cryptocurrency enthusiasts are closely monitoring SUI as it maintains strong support around $3.30, hinting at a possible breakthrough above $4.20. Analysts are eyeing a pivotal level at $3.17 for a potential surge towards targets at $5.40, $6.01, and $7.15. Despite positive chart indicators, a decline in futures interest and a slight drop in Total Value Locked (TVL) suggest a cautious market sentiment. In terms of price movement, SUI is currently trading near $3.47 and adhering to an upward support line established since April. A discernible ascending triangle pattern on the 2-day chart indicates a potential upward trajectory. Analyst Jonathan Carter highlights the strong support at $3.30, emphasizing its repeated validation by buyers. The upper boundary of the triangle at $4.20 has acted as a significant price barrier in recent months. Should the price surpass $4.20, Carter identifies key levels to watch at $4.80, $5.37, and potentially higher targets based on historical price reactions. Trading volume data suggests heightened activity around the current price, with the potential for accelerated price movement above $4.20. Notably, the 50-day average remains stable, indicating a lack of clear trend, while the Relative Strength Index (RSI) hovers around 45, reflecting a balance between buying and selling pressures. Another analyst, Ali Martinez, anticipates a retracement towards $3.17 before any breakout, aligning with the 0.618 retracement level and the ascending trendline. Martinez’s analysis outlines a path where SUI could bounce from $3.17 and target levels at $4.20, $5.40, $6.01, and $7.15, based on Fibonacci extensions. Recent data indicates a growing cautiousness among traders, with a decline in open interest in SUI futures from $2.66 billion in late July to $1.82 billion. Concurrently, there has been a 2% drop in TVL to $2.02 billion on the Sui network, reflecting a subdued market sentiment. Additionally, despite being listed on Robinhood, SUI experienced a price dip, contrary to the usual price increase seen with new listings. The decision to list SUI on Robinhood is part of the platform’s broader strategy to expand its cryptocurrency offerings, with SUI being the native token of the Mysten Labs Layer-1 blockchain.
SUI Cryptocurrency Analysis: Potential Rally Ahead Based on Chart Signals
