Key Notes

Key Notes:

SUI network surpassed 56 billion in total addresses, strengthening its ecosystem dominance.DEX volume on SUI reached $61 billion, marking a 20% recovery.Fibonacci resistance at $3.81 could determine the next price move.

With the crypto market gradually recovering, SUI SUI $3.41 24h volatility: 5.2% Market cap: $10.54 B Vol. 24h: $554.39 M marks a bullish breakout rally. Overcoming the short-term bearish influence, SUI price trend marks an intraday recovery of 3.85%.

Sustaining dominance above its $2 psychological mark, will the SUI token be able to move higher in a 15% rally? Let’s explore this in our article.

Sideways SUI Price Action May Indicate a Breakout Rally

In the 4-hour chart, the SUI price trend showcases a sideways trend within two crucial zones. The overhead supply ceiling is situated at $3.63 to $3.67.

Meanwhile, the demand zone is near the $3 psychological mark. Within a parallel channel, the altcoin completed a negative flow within the two zones.

However, the recent bounce back from the psychological support has overcome the resistance trendline, marking a breakout rally. Currently, the reversal rally accounts for a price surge of nearly 7% and is challenging the 23.6% Fibonacci level. A successful breakout above this level could trigger a rapid surge, given the reduced resistance until the $3.65 mark.

The Fibonacci resistance is priced at $3.81. As the SUI price trend regains bullish momentum, the technical indicators are starting to give a buy signal.

The MACD and signal lines are on the verge of giving a positive crossover, signaling a trend reversal. Furthermore, the Directional Movement Index (DMI) reveals the VI lines closing in, signaling a potential chance of regaining the bullish alignment.

Supporting the bullish reversal chances, the SUI network has witnessed a significant recovery. The SUI total addresses surpass the 56 billion mark. Furthermore, the network also flips the base ecosystem in daily active indices.

The decentralized exchange volume over the SUI network has reached $61 billion. This marks a significant recovery of nearly 20% over the past month.

With an impressive performance over a highly volatile month, the market price of SUI token is likely to skyrocket once the broader market stabilizes.

As per the Fibonacci levels, a bullish continuation above the 23.6% Fibonacci level will likely challenge the overhead supply zone at $3.65. This marks an upside potential of nearly 15%.

Optimistically, a bullish continuation above the 61.80% Fibonacci level will mark a breakout of the short-term consolidation. This will put the $4.50 and $5.00 psychological mark over the bullish radars.

On the flip side, the crucial support levels are present near the $3.00 psychological level and the $2.86 horizontal level. With liquidity increasing near the $3.00 support, buyers appear to be defending this zone aggressively, adding weight to the ongoing bullish recovery.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

Vishal, a Bachelor of Science graduate, began his journey in the crypto space during the 2021 bull run and has since navigated the subsequent market winter. With a strong technical background, he is dedicated to delivering insightful articles rich in technical details, empowering readers to make well-informed decisions.

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