Key Takeaways:

SUI price extended its rally above the $2.00 resistance.

A connecting trend line is forming with resistance at $2.40 on the weekly chart.

The price is up over 100% in a month and might extend gains to $2.50.

SUI price prediction

Sui (SUI) price is gaining pace above $2.00. The price traded to a new all-time high at $2.37 and might aim for more gains in the near term.

SUI Price Extends Surge Above $2.20

In the last technical analysis, we discussed how SUI could extend its rally above the $2.00 resistance. The bulls remained in action and were able to push the price to a new all-time high above $2.20. It spiked above $2.35 and set a new all-time high at $2.37.

Recently, SUI announced the next Community Meetup to learn about SuiPlay0X1. It could provide exclusive insights into SuiPlay0X1 and what it means for the future of on-chain gaming.

Join our next Community Meetup, happening as part of #TechWeek, to learn about the #SuiPlay0X1! October 17 5:00pm PT one of the most exclusive gaming hideaways in Los Angeles Hardcore gamers and those new to onchain gaming are welcome!https://t.co/jPbV1bGStb

— Sui (@SuiNetwork) October 12, 2024

The price is up over 100% in a month and is still outperforming Bitcoin and Ethereum. The current price action suggests there are chances of more upsides above the $2.35 level.

Sui price weekly chart | Source: SUI/USD on TradingView.com

SUI is now well above the $2.00 handle and the 50-week simple moving average (blue). It is also stable above the 23.6% Fib retracement level of the upward move from the $0.4637 swing low to the $2.370 high.

On the upside, the bears seem to be active near the $2.35 and $2.40 levels. There is also a connecting trend line forming with resistance at $2.40 on the weekly chart.

If there is a close above-the-trend line resistance, the bulls could easily hit the $2.50 resistance zone. The first major resistance could be $2.580. A clear move above the $2.580 level could set the pace for another steady increase. In the stated case, the price could rally and test the $2.75 high. Any more gains might send the price toward the $3.00 handle in the coming days.

Will SUI Price Drop?

If not, SUI might start a downside correction from $2.35 or $2.40. Immediate support is near the $2.10 level, and the first support is visible near the $2.00 level.

The next major support is near the $1.850 level. The main support is now forming the $1.40 level and the 50% Fib retracement level of the upward move from the $0.4637 swing low to the $2.370 high. A close below the $1.40 level might send the price toward the 50-week simple moving average (blue).

Overall, the SUI price is gaining pace above the $2.20 level. A close above the $2.35 level might send the price toward the $2.75 level or even $3.00. The bulls might remain active near the $2.00 if there is a pullback.

The post SUI Price Bulls Charge Ahead: Is There No Stopping This Surge? appeared first on CoinChapter.

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