7 September 2024
SUI showed a remarkable performance on Friday amid the market retrace. Following Bitcoin’s drop to the $55,000 mark, the cryptocurrency was among the few tokens showing green numbers with an 8% surge.
The token’s performance, alongside the network’s developments, has fueled a bullish sentiment among investors. However, some analysts remain cautious of the cryptocurrency, warning that the joy could be short-lived.
SUI Surges As Top 100’s Largest Daily Gainer
SUI was among the best performers throughout August, registering 50% surges amid the market downturns. The cryptocurrency’s resilience last month was fueled by several factors, including network updates, large over-the-counter (OTC) bids, and “strong holdership through big unlocks.”
Moreover, crypto asset manager Grayscale launched its investment trust, Grayscale SUI Trust, based on the cryptocurrency. As a result, the token’s bullish momentum propelled the price toward key levels not seen since mid-June.
Since then, SUI has moved within a multi-month accumulation zone between the $1.2-$0.57 price range, holding the lower range as a key support area. Throughout August, the token retested the $1 resistance level several times, ultimately failing to reclaim it as a support level.
As September started, SUI’s price crashed by 23% due to the market volatility, momentarily losing the $0.75 support zone. However, the cryptocurrency consolidated above this level again as the week progressed.
After successfully reclaiming support at the $0.8 level, the token surged 8% on Friday morning. Its price moved toward the $0.088 mark, registering green numbers in most timeframes. SUI is currently the largest gainer among the top 100 cryptocurrencies, with a 6.3% increase in the last 24 hours.
The token also displays an 8.5% and 36.8% jump in the weekly and monthly timeframes. This performance fueled a bullish sentiment among investors and market watchers.
Will SUI’s Rally End Soon?
Crypto analyst Alex Clay highlighted SUI’s performance in the past month, remarking its movements between the mid-zone and key support zone within the “bigger accumulation range.”
To the analyst, the cryptocurrency’s price could target the $1.8 resistance level soon if it breaks above the $1.2 mark. Additionally, Clay believes the bullish momentum could drive the price to the mid and long-term targets of $3.3 and $5, although he considers these “conservative targets.”
Yuriy, another crypto trader, pointed out that SUI broke out of its two-week range after today’s jump. The cryptocurrency’s chart displays a bullish flag formation, and a breakout could be attempted if the token consolidates above the current levels.
Per the post, if SUI holds above the $0.84 support zone, the token’s next resistance level would be the $0.97-$1.02 range. A breakout above the $1 mark could potentially spark a big pump for the token. However, failing to hold the key support zone could lead the price to a 15% to 20% drop.
Crypto analyst Altcoin Sherpa suggested that SUI’s chart is “still a nice” one after its recent performance. However, he warned that the token might not be “a long-term hold.” The analyst considers that bullish joy might be halted by the upcoming token unlock, scheduled for October 3.