- SUI reached a new all-time high of $2.36, indicating strong bullish momentum in the market.
- The SUI price has surged 113% over the last month and 437% over the past year.
SUI, the native cryptocurrency of the Sui Network, a leading layer-1 blockchain, has reached a new all-time high of $2.36, according to recent data from CMC. The surge occurred during early Asian trading hours, pushing the token beyond its previous high of $2.26, which was recorded two days earlier on October 12. This latest price action has sparked optimism among traders, who believe SUI is regaining lost momentum.
SUI has been trading in a rangebound pattern since hitting its previous high of $2.26. Over the past month, the crypto has seen an impressive 113% price increase, and it’s up 437% over the last year. Currently, SUI has pulled back slightly, but it remains strong above the $2.23 zone.
SUI’s Trading Overview and Key Price Targets
At the time of writing, SUI is trading at $2.24, with a market capitalization of $6.18 billion and a daily trading volume of $1.16 billion, surpassing Near Protocol (NEAR) in market cap.
As a result, the crypto price may stabilize within the price discovery phase and maintain a strong upward trend, potentially reaching higher targets. Market analysts expect the next key price target for SUI to be between $2.50 and $3, but only after it meets certain conditions.
There may be a minor pullback as the token has hit a strong resistance level. Bears will attempt to push and hold the price below the breakout level of $2.16, potentially trapping aggressive bulls. If bears manage to push the price below $2.16, a correction toward the 20-day EMA of $2.14 could occur. A drop below the 20-day EMA could send the SUI/USDT pair deeper down to $1.81 if the support fails to hold.
However, technical indicators remain bullish. The MACD is above both the signal and zero lines, while the RSI stands at 66.98, signaling strong upward momentum. If the altcoin stays above $2.22, it may act as a support level, potentially kicking off the next leg of its uptrend towards the $2.50 mark and beyond.
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