On the daily chart, SUI is currently encountering several resistance levels in the vicinity of $1.25
SUI price is depicted in the daily chart, where it is observed to be positioned above the descending trendline
On the 4-hour timeframe chart, it is evident that the SUI price has formed a double bottom pattern
SUI Token has been experiencing a noticeable trend in recent weeks, suggesting that there may be speculative moves in the coming months and an expected increase in volatility.
Currently, SUI price is trading in a consolidation zone, but the long-term outlook appears optimistic. Its listing on reputable exchanges has attracted numerous investors, leading to a significant surge in prices and a favourable momentum in the market. The coin has garnered substantial investor interest due to these factors.
After an initial strong performance, SUI Price reached a peak of $2.00. However, buyers struggled to sustain these higher levels, resulting in short-term profit-taking. As a consequence, SUI Price fell below the critical support level of $1.25, negatively impacting investor sentiment and potentially inviting further decline.
During the recent correction phase, the SUI price discovered solid support at the $1.02 level. Notably, the coin price experienced two rebounds from this support within just a week, indicating active accumulation by buyers at this level. Within a span of four days, the coin price demonstrated an impressive surge of 18% from the mentioned resistance, reaching the neckline resistance of the double bottom pattern at the range of $1.260 to $1.255.
SUI Price made several attempts to surpass the $1.25 range but faced consistent rejection, indicating the continued presence of active sellers at those levels. The next phase of a rally is anticipated to commence once buyers successfully overcome the $1.25 hurdle. Until then, SUI Price is expected to remain in a consolidation phase.
In the scenario where prices continue to consolidate over the span of a few months, it could be seen as a potential formation of a long-term base. Conversely, if the price falls below the $1.00 mark, it might raise concerns among long-term investors.
SUI price faces an immediate resistance zone around $1.25, followed by a significant resistance at approximately $1.32. The subsequent major resistance level is located near $1.38. A clear breakthrough above this level has the potential to drive the price towards the resistance at $1.50. Continued upward momentum could then lead to a sustained increase targeting the levels of $2.00.
SUI is unable to surpass the resistance at $1.25, there exists an immediate support level around $1.14. Following that, the next notable support is situated near $1.02, with a subsequent support level at $1.06. A break below this level could potentially result in a decline towards the support level at $1.00. In the case of further losses, it may prompt a test of the $0.80 level.
According to Price Analysis, the market capitalization of this SUI will be $620,185,774. The coin's 24-hour trading volume is nearly $244.75 Million.
KEY LEVELS :
RESISTANCE LEVEL : $1.25-$1.32
SUPPORT LEVEL : $1.13-$1.07
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
