The SUI token has once again caught the attention of investors by approaching the $4.50 level, with a 4.24% increase in the last 24 hours. Technical analysis data points to the potential for the price to test the $5 psychological resistance in the short term. The growth in TVL on the network and increasing trading volumes reinforce the bullish expectations for SUI.
The SUI token is trading at $4.5370, a 3.66% pullback on a daily basis. The rise seen last night created a strong bullish candlestick formation, taking the price to $4.75, but this level could not be maintained and the price has pulled back a bit. SUI is currently trading above an ascending support trend line. According to Fibonacci levels, the price has managed to break through the 50% Fibonacci retracement level, but it has not been able to sustain this level. Currently, the price is pulling back towards the 50 EMA line ($4.42). Three consecutive bearish candles indicate short-term weakness, and there is a possibility that the price may decline to $4.20 (38.20% Fibonacci level). However, if this level is maintained, a new upward movement towards the $5 resistance is expected.
The fundamental indicators on the SUI network are also showing signs of strong growth. The Total Locked Value (TVL) has recently increased significantly, exceeding $1.75 billion to $1.782 billion. This value indicates a 12% increase in the last 30 days. In addition, the stablecoin market value has reached $388.72 million, approaching $400 million. The 24-hour trading volume is also strong at $409.28 million. This data shows that the SUI network is experiencing healthy growth and investor confidence continues. The TVL value reaching $2 billion could further strengthen the network’s strength.
Based on technical analysis and network data, the short-term and medium-term targets for the SUI token are as follows: Short-term support levels are $4.42 (50 EMA line) and $4.20 (38.20% Fibonacci level), while medium-term resistance levels are set at the $5 psychological limit, followed by $5.71 (78.60% Fibonacci level). The ascending channel formation shows that the price is moving within this channel, and this channel offers a 30% upside potential.
To conclude, the SUI token is in a strong uptrend despite the short-term pullbacks. A solid support at $4.50 by the bulls could support the price to move back towards the $5 resistance.