• The upward flipped was noticed in the $SUI price which rose to an average of $7.49 up from $5 in the last 24 hours with buying pressure.

  • Market capitalization rose above $15.5 bln thanks to expansion of usage and development of the DeFi market.

  • Key support levels are set at $5.70 and $6, however, outlooks for downward corrections to $4.80 still can be considered.

There are technical and fundamental factors that would be responsible for the bullish trend in the price of $SUI. From the technical perspective it can be noted that a trading below the ascending trendline has most probably activated the buy orders from the momentum traders.In addition, the psychological barrier of $5 was broken down and in turn the token moved towards the $7.50.

Essentially, there is enhancement in the adoption of $SUI and ecosystem related factors that have contributed of late to investor confidence. Perhaps these fluctuations can be attributed to subsequent enhancements to the underlying architecture of its blockchain and increasing presence within the DeFi sphere.

Price Analysis and Key Resistance Levels

The price of $SUI has gone up to a highly productive rate of $5.40 which is 18.7% up in 24 hours. They fluctuate within a $0.83 range within the 24-hour cycle – consisting of a high of $5.23 and low of $4.40 –clear signs of intraday volatility. Second chart illustrates that the token’s market capitalization rose well over $15.5  and points to a high investor interest and involvement in the market. This upward moving average points to above-average buying pressure.

In a bullish position, SUI may remain bullish and advance further, crossing the $5.50 or even $5.70 level, the chart indicates. Conversely, a bearish outlook might find the price range bound or pull back to about $4.80 should market conditions soften or when $5.30 is acting as a ceiling.

https://twitter.com/thescalpingpro/status/1875421908184805805

The fact that there was a continuous increase in the market capitalization will mean a positive market sentiment coupled by demand. The price chart above indicates that $SUI is in an upward movement that may indicate that many traders consider it to be a high-reward asset.

Market Implications and Future Trends

The price and market cap have a significant and comparable increase to technical strength that is likely to be accompanied by positive fundamentals such as ecosystem. If the current momentum is maintained, $SUI could revisit $6 fairly soon. But profit taking or a downturn in outside markets might occur which could pull back towards the $4.80 region next.

The post Market Metrics Show Why $SUI May Hit $6 Soon: Will It Stay Bullish or Face Pullback? appeared first on Crypto News Land.