Highlights:
- SUI is consolidating between the $2.338 resistance and $2.08 support
- A rally through the $2.08 resistance could see SUI test $3 short-term
- Rising bullish sentiment across the market supports an SUI rally
SUI has been one of the best-performing cryptocurrencies recently, outperforming most large-cap cryptocurrencies. However, in the past week, SUI has been consolidating, which is reflected in its intra-day price action. In the last 24 hours, SUI is up marginally by 0.50% to trade at $2.08 when going to press.
Advertisement
This is in line with the price action of most large-cap altcoins today, as most of them are showing little to no movement. That said, SUI trading volumes are on the rise, an indicator that there is still a high investor interest in SUI. Expectations of more action from this top altcoin are still high.
Technical Analysis – SUI Consolidating After Strong Bull Rally
From the charts, SUI is consolidating after trading in a bullish channel for weeks. SUI is currently trading between the $2.338 resistance and $2.014 support. If bulls take control and push SUI through the $2.338 resistance, then a rally to prices as high as $3 could follow in the short term.
On the other hand, if bears take control and push SUI through the 2.01 support, then a correction to around $1.60 could follow in the short term. Of these scenarios, the odds are higher that bulls could take control of SUI and easily push it to prices as high as $3 in the short term.
Bullish Momentum on the Rise Across the Market
For starters, bullish sentiment is on the rise across the market. In the past few weeks, bullish sentiment has been taking root, driven primarily by Bitcoin’s price action. At the moment, Bitcoin bulls are in control and gradually pushing prices towards $69k.
A break through $69k could easily send Bitcoin rocketing through its recent all-time highs. It could also open the way for alt-rally. SUI could soon rally to $3, especially with positive market momentum. A Bitcoin breakout could propel SUI even higher in the short term.
SUI’s Price Response to FUD Inspires Confidence
SUI bulls are also strengthened by the way the price has responded despite recent FUD. Recently, a popular crypto analyst revealed that a SUI insider had sold $400 million worth of SUI during its price rally to $2.
While such FUD could have triggered a selloff, as has happened in many other cryptocurrencies in the past, SUI has remained strong throughout. This shows that the underlying fundamentals of SUI are strong. This could give even more impetus to SUI’s price momentum, especially as the broader market increasingly turns bullish.
SUI Growing in Adoption as a Dapps Launch Platform
Besides withstanding FUD, SUI is also benefiting from the growing adoption of its platform for the launch of new projects. In recent months, there has been parabolic growth in the projects launching on SUI, putting it in direct competition with more established projects like Ethereum and Solana.
Developers are turning to SUI for its easy-to-use nature, stability, and most importantly, scalability at low cost. This growth is already evident in the rising total value locked for SUI. With such strong core metrics, SUI can be expected to keep gaining adoption. By extension, this means rising intrinsic demand for SUI. A combination of this rising adoption and price momentum makes a strong case for a price rally.
SUIKING! 1000x Gem on SUI!
➡️Based Dev
➡️Big Marketing
➡️Best Sui Partnerships
➡️Great Community$Suiking the King of #Sui
Buy now https://t.co/8ih2GPLCuY
Tg https://t.co/oEvtp5ZOym#Suiking #Suimeme pic.twitter.com/Yb7VD2k4wD— KARLA KRYPT 🧞♀️ (@karlakrypt) October 21, 2024
SUI Drawing in Investors Expecting a Repeat of Solana 2020 Price Action
SUI also benefits from its novelty, at least when compared to older L1s. This is a trend in every bull cycle where investors seek out new L1s that could outperform the already established ones. In 2020, Solana was in the eye of the storm, rallying from under $1 to highs above $200. With the hype around SUI, investors are increasingly pivoting towards it as the next Solana. This could trigger FOMO, which could see SUI rally to double-digit prices in an all-out bull market.
$SUI is setting up for a potential explosive move! 🚀 The symmetrical triangle is tightening, and with MACD flipping bullish, we could see a breakout very soon. Keep your eyes on this one momentum is building, and once we clear resistance, there's plenty of room to run #SUI… pic.twitter.com/9sa1NSDhca
— Moon Whales (@Moon_Whales_) October 20, 2024
Advertisement
