SUI Bulls Defending the Support: A 50% Jump Could be Imminent if This Trade Plays Out Well
Sahana Vibhute8 Oct 20242 min read
SUI has recently become one of the most hyped chains with a huge potential of going 10x from the current levels. The trading activity surged aggressively which elevated the SUI price above $2. This move also pushed SUI above Near Protocol but remained only for a while. The bears are extracting the profit at the moment but after a drop in the selling pressure, the price is expected to trigger a huge price action to form a new ATH soon.
As expected, the SUI price flipped after rising above $2, but the market dynamics remain in favour of the bulls. However, the BTC price retested $62,000, causing a retracement in the SUI price rally. However, the token still displays the possibility of a bullish continuation towards $2.25, while the higher targets beyond $3 remain currently out of reach.
The price underwent a parabolic recovery and surged above the crucial resistance zone which pushed the token close to its current ATH. However, the technical suggests a major price action could be on the horizon which may cause a fine rise in the price.
- The volume has been constantly rising since the start of September which indicates a steep rise in the trading activity which may keep up the volatility
- The Bollinger bands have begun to squeeze and in the event of a compression, then the price breaks out in favour of the bulls
- The RSI has entered the over-bought and faced a bearish reversal, but it is making every effort to reclaim the lost levels
- The MACD remains within the positive range as the buying pressure mounts after facing a small drain for a while
- The +Di & -Di was heading for a bearish crossover but the latest upswing has triggered a reversal, suggesting a bullish trend could be nearby
The SUI price has surged by 142% in the past month, with a jump of nearly 20% in the past trading day. The strong resistance was broken and was also retested. This shows the price is primed to rise, pushing the market capital close to $10 billion very soon.
