SUI Token Retests Key Level Amid Potential 15% Price Move
SUI, the native token of the Sui Network, is retesting a key support level after rising to approximately $2.40. Analysts suggest a potential breakout could occur.
SUI Price Movement
- SUI's price surged 7% on Monday, approaching a crucial resistance level.
- Despite recent gains, SUI has lost over 57% from its January all-time high of $5.31, currently trading between $2.1 and $3.5.
- After hitting a 4-month low, it recovered 7.8% weekly to reach $2.37.
- Analyst Ted Pillows noted an inverse head and shoulder pattern, indicating potential movement toward $2.45.
- A sustained rise above this level may lead to retesting the lost $2.6 support.
Canary Capital filed for an SUI spot ETF with the SEC on March 17, contributing to the recent rally. This followed their earlier registration of a trust for an SUI-based fund in Delaware and a partnership with World Liberty Financial.
Market Analysis
- Analyst Ali Martinez pointed out a forming ascending triangle pattern, with $2.26 as the support line and $2.40 as resistance.
- A close above $2.40 could see SUI rise to $2.80; below $2.26 might drop it to $1.90.
- SUI briefly dipped to $2.22 but bounced back, struggling to maintain levels between $2.23 and $2.26.
- Market watcher Pushpendra Singh labeled the current range of $2-$2.3 as a strong buying zone, suggesting a possible upside breakout.
- The mid-term target for SUI is projected at $7.
Currently, SUI trades at $2.25, reflecting a 5% decline in the daily timeframe.
