Sui is a layer-one blockchain network whose native token, SUI, has outperformed today’s crypto market downturn, with its price rising by a massive 20.54% in the past 24 hours alone.
As a result, the coin’s value has continued to rise, surpassing the psychological resistance level of around $1.00 observed on June 14. At press time, SUI is valued at $1.09.
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Driven by this optimism, the token’s intraday market capitalization surged to a new high of $2.82 billion, making it the 30th-ranked cryptocurrency. Moreover, its 24-hour trading volume also presented an even brighter picture, surging 161.04% to $715.26 million during the same period.
Meanwhile, the global cryptocurrency market tells a different story, with the market correcting to $2.11 trillion, led by Bitcoin. Currently, BTC is trading at $584,000 support, down 3.59% in the past 24 hours.
SUI sees bullish reversal after 9-month low
As can be seen from the daily chart on TradingView, the SUI token has been trending bearishly, forming lower lows since its all-time high of $2.18. However, the sentiment changed as the token dropped to a 9-month low of $0.4623 on August 5.
Since then, its price has surged by more than 122% to its current levels, breaking through the critical resistance level of the $1.00 mark, indicating strong bullish momentum in the market.
Market analysts predict that the coin will become a promising asset in the short term if the upward trend continues. It is likely to rise further as it breaks through more important barriers.
Key levels to watch
From a technical point of view, both the 20-day and 100-day simple moving averages are below the price of SUI, indicating a strong uptrend in the short and long term. Therefore, market experts expect that if these moving averages hold, the price of the coin could reach higher levels.
Such a move could push the token’s price towards the $1.20 threshold along the 61.8% Fibonacci level. A breakout above this area could further challenge the asset’s next key hurdle, which is around $1.44, reached on April 22.
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On the contrary, the daily RSI indicator shows that the coin is trending in the overbought region, indicating a possible price reversal. Usually, once oversold conditions are reached, the price will pull back.
This could push the price of SUI to deeper levels where it could find critical support near the 100-day MA and 20-day MA at $0.8930 and $0.7413 respectively. If these supports falter, the coin could retest the $0.666 level and traders could choose to initiate long positions in this area.