SUI recently hit a new all-time high of $2.36, showcasing strong bullish momentum in the market. Over the past month, its price has surged by 113%, and over the past year, it has increased by 437%. Sui Network, a prominent layer-1 blockchain, has seen its native cryptocurrency, SUI, surpass its previous high of $2.26, recorded just two days earlier on October 12. This recent surge has fueled optimism among traders, suggesting that SUI may be regaining its upward momentum.
Since reaching $2.26, SUI has been trading within a range, experiencing a significant price increase of 113% in the last month. Although it has pulled back slightly, it remains stable above the $2.23 level.
At the time of writing, SUI is priced at $2.24, with a market capitalization of $6.18 billion and a daily trading volume of $1.16 billion, overtaking Near Protocol (NEAR) in market cap.
The token is expected to stabilize within its price discovery phase, with market analysts predicting potential price targets between $2.50 and $3, provided certain conditions are met. However, SUI faces strong resistance, and bears may attempt to push its price below $2.16, which could lead to a correction toward the 20-day EMA at $2.14. A break below this level might drive the price down to $1.81 if support doesn’t hold.
Despite this, technical indicators remain favorable, with the MACD above both the signal and zero lines, and the RSI at 66.98, indicating strong bullish momentum. If SUI stays above $2.22, this level may serve as support for the next phase of its uptrend, potentially pushing the price towards $2.50 and higher.
