😍😍😍 $SUI Price Forecast: $5 in Sight Amid Rising TVL
Can SUI Cross the $5 Milestone as Bulls Challenge Overhead Resistance?
- The SUI token has climbed to $4.62, reflecting a 4.24% gain in the past 24 hours. With a market cap of $13.24 billion, SUI hints at a bullish rally that could push prices beyond $5 by the end of 2024.
SUI is currently trading at $4.62, showing a 3.66% intraday pullback after a 9% overnight surge. The rally formed a morning star pattern, reaching a 24-hour high of $4.80.
On the 4-hour chart, the token demonstrates bullish dominance at its local support trendline, marked by two consecutive engulfing candles.
Key Technicals:
1. The recovery surpassed the 50% Fibonacci level at $4.56 but failed to sustain momentum.
2. A triple black crow pattern formed, dipping below the 50% Fibonacci level and heading towards the 50 EMA line at $4.50.
3. SUI risks testing its local support trendline, challenging the $4.62 level as a psychological threshold.
SUI Network Growth
- The SUI network has reached $1.782 billion in TVL, reflecting a 12% rise over the last 30 days. Its stablecoin market cap is approaching $400 million, currently at $388.72 million, with a 24-hour trading volume of $409.28 million.
- This growth positions the network close to the $2 billion TVL milestone, showcasing robust development.
SUI Price Targets
- Short-term Fibonacci analysis suggests a potential dip to the 38.20% level at $4.40. However, strong local support and rising demand could fuel a rally toward the $5 milestone.
- In a bullish case, SUI may reach the overhead trendline near the 78.60% Fibonacci level at $5.75, presenting a potential upside of 24%, even amid broader market volatility.
- SUI's technical indicators and network fundamentals suggest a strong path toward breaking resistance, highlighting its growth potential in the months ahead.
