Sui Records Massive Growth but Faces Challenges
Sui Network (SUI) has seen an impressive 500% growth since September. The cryptocurrency maintains a strong long-term bullish outlook. However, it is currently facing challenges as a 4.8% drop in Bitcoin (BTC) price over the last 24 hours has pulled SUI down by 8.6%.
Weakened Buying Pressure Signals a Pause Before Further Growth
A slight decline in buying volume in recent days suggests that bulls in the SUI market may be waiting for the right moment to initiate another upward move.
Sui Targets the $5 Threshold
SUI’s price action remains strongly bullish on the daily chart, with the creation of higher highs and higher lows since late October. The uptrend began in September when SUI broke through resistance at the $0.9–1 range and turned it into a support level.
Over the past month, the average trading volume has slightly decreased, indicating weaker buying pressure. This is also reflected in the A/D (Accumulation/Distribution) indicator, which has slowed, particularly in the last week.
On the other hand, the Ichimoku Cloud remains bullish, highlighting strong support around $3.2 and $4.1. This indicator underlines continued positive momentum over the past month.
At the time of writing, the 23.6% Fibonacci extension level at $4.494 serves as short-term support. Despite potential volatility, the next target is more likely to be $5.38 rather than a drop below $3.5.
Key Levels for SUI in the Short Term
The Fibonacci level at $4.5 recently acted as resistance but has now turned into a demand zone. A two-week analysis shows a concentration of liquidity around $4.3, with another pocket of liquidity at $5.
SUI’s price has oscillated between these two levels over the past week, increasing liquidity within this range. The recent drop in Bitcoin’s price, combined with SUI’s consolidation phase, suggests that this range-bound formation may continue for a few more days.
Summary
Sui Network maintains a long-term bullish outlook despite short-term challenges. Analysts focus on key support and resistance levels, with the next likely target being $5.38. However, investors should be prepared for potential volatility and ongoing consolidation in the short term.
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