SUI Token Records Solid 18% Increase within 24 Hours, Approaching Significant Levels
Over the recent period, the SUI token has exhibited a bullish trajectory, surpassing a resistance threshold in August and encountering a brief pullback before resuming its upward movement. Following a five-month correction phase, SUI hit a low of $0.462 and then swiftly rebounded, breaking through a crucial resistance barrier to hit a peak of $1.1.
Subsequent to encountering resistance at this high point, the token underwent a three-week correction, stabilizing above $0.75 earlier this month. It subsequently resumed its upward trend, breaking the $1 mark over the past weekend. Despite encountering obstacles at this level and briefly dropping to $0.87, a prompt recovery ensued as Bitcoin regained strength, resulting in a robust bullish trend today.
As market capital flows return and daily volume indicators signal notable future growth, the outlook for SUI remains optimistic. Although monthly buying volume still remains relatively low, prevailing market conditions suggest a lack of room for selling. For a downside continuation, bears would need to reclaim the low from August, while surpassing the high from March would indicate a comprehensive market structure shift.
Notable resistance levels for SUI to monitor are at $1.172, $1.44, $1.6, $1.72, and $2, emphasizing $2.2 as the key breakout resistance for a possible reversal. Conversely, crucial support levels are currently at $0.9, $0.753, $0.6, and $0.463.
With a current spot price of $1.04, the trend for SUI remains bullish with elevated volatility. It is essential to clarify that this content does not provide trading or investment advice, and thorough research is advised before contemplating any cryptocurrency investments.
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Source: Tradingview
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