SUI, one of the most anticipated layer 1 projects of 2023, has had an impressive performance, increasing its value by more than 70% in just 2 weeks. From a price of 0.788 USD on October 11, SUI has been continuously growing, setting a new high at 1.7929 USD. Is this spectacular rise sustainable or is it just a "bubble" about to burst?

  • SUI is in a strong uptrend, confirmed by a series of higher highs and higher lows and the breakout of important resistance levels.

  • The nearest resistance level is the $1.75 zone (old peak).

  • The nearest support levels are the $1.4895 and $1.30 zones.

  • RSI is in overbought territory, indicating that the bullish momentum is strong. However, RSI has also remained in overbought territory for a long time, indicating the possibility of a short-term downside correction. MACD is showing signs of negative divergence, indicating that the bullish momentum may be weakening.

  • Short-term: SUI may correct lower in the short term to relieve overbought pressure. The support zone of $1.4895 may be an attractive buying point.

  • Medium term: If SUI holds the $1.4895 support zone, the upside momentum could continue, targeting the next targets of $1.75 (old high) and $2.0.

  • Long Term: The long-term trend of SUI remains dependent on many factors, including project development, general market sentiment, and government regulations.

$SUI

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