SUI is currently testing crucial supply levels following a stunning 75% increase in local demand around $1 since mid-September. This aggressive price movement has put layer-1 blockchain at the forefront of market discussions, making it one of the most popular assets of the moment.
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Traders and investors are showing increasing interest in SUI, with many speculating that this rally could be the start of even bigger gains in the coming months. The buzz around SUI has been amplified by strong price action and bullish sentiment is growing.
Analysts are closely watching price action, with some predicting that SUI could reach significantly higher levels, potentially challenging its all-time highs around $2.20 in the near future. Such a move would solidify SUI’s position as a top-performing asset in the crypto market and could attract even more capital as the market looks for the next big opportunity.
As SUI continues to gain strength, all eyes are on its ability to sustain this momentum and break through key resistance levels, setting the stage for a potential rally to new highs. With optimism rising, SUI should be watched as the market anticipates its next move.
SUI Bullish Pattern ‘Still Running’
SUI has emerged as one of the best performing assets over the past two weeks, fueled by optimism following the announcement of interest rate cuts by the Federal Reserve. Analysts and investors are anxiously watching the altcoin, hoping that the recent surge is not just a bull trap, but the start of a major rally poised to explode.
Renowned crypto trader and analyst Kong Trading recently shared his technical analysis on Xhighlighting the potential for a significant increase in EUI in the coming months. He noted that the inverted head and shoulders pattern formed over the past few months is still working well and could be a powerful signal for further gains.
According to their analysis, the key level to watch is $2. If SUI manages to break through this resistance, it could trigger a wave of FOMO (fear of missing out) among traders, driving the price to unprecedented levels.
However, Kong Trading also warned that SUI’s bullish momentum depends heavily on broader market conditions and macroeconomic trends. While the current setup is promising, the asset remains vulnerable to sudden changes in sentiment or adverse market developments.
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As the SUI approaches its all-time highs, the next few weeks will be crucial in determining whether it can sustain its upward trajectory or face a potential pullback. For now, all eyes are on SUI as it navigates these critical price levels, with traders hoping to see a breakout that could reset its position in the market.
Main Levels to Watch
SUI is currently trading at $1.67 after an impressive 140% rally from its early September lows of $0.75. This significant price movement brought SUI into a crucial supply zone where the price could face resistance and potentially enter a consolidation phase. Analysts and traders are closely watching this level, as surpassing it could set the stage for further gains.
If SUI manages to break above the $1.82 resistance, it will open the door for a rally towards its all-time high of $2.18. This level will be an important target for bulls as reclaiming it could signal the continuation of a broader uptrend and attract more buyers into the market. However, a failure to break above $1.80 could see the price pull back to lower demand levels around $1.45, which served as key resistance in April.
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This $1.45 zone is now expected to act as strong support, offering a potential buying opportunity for traders looking to enter the market at a lower price. For now, the SUI remains in a critical zone and its next move will likely determine whether the current rally can extend to new highs or whether a consolidation phase is ahead.
Featured image of Dall-E, TradingView chart
