- SUI token price caught the bullish momentum and triggered a massive spike.
- Vital indicators plotted the bullish projection and suggested a breakout ahead.
SUI, the Layer 1 Blockchain, started riding on the bullish path and has reached the edge of a breakout zone, close to the $1 mark.
With a sharp price reversal of over 100% in the last two weeks, SUI has leapfrogged the descending channel to challenge the 200-day EMA mark. It is eyeing a trend reversal.
Fueled by the sharp demand resurgence, the SUI token crossed the declining trendline and prepared for a next bullish run beyond the $1 mark.
Furthermore, it has generated a massive follow-on bullish run and crossed multiple resistance zones during the reversal last week.
SUI bulls have gained momentum following the improved market sentiments and significant short-covering move. They have been looking to escape the 200-day EMA barrier to shift the gains ahead.
The SUI token was traded on a declining note for the past two months and has continued to retrace gains from the $2 mark. This resulted in a significant retracement of over 40% of the current price level.
However, the bull run initiated a triple white soldier pattern, surpassing the overhead resistance trendline.
SUI Regained Pace: $1 Breakout On The Horizon?
Going forward, the ongoing price action signified that the buyers have been looking to change the dynamics. It has attempted to make a fresh higher high swing above the $1 mark.
Once it is formed, a massive upward rally can be seen, which might pull toward the next barrier of $1.40 in the short term.
@CryptoTony, in his tweet, said that SUI is looking good. It can be an ideal buy candidate if it crosses the prompt resistance mark.
$SUI / $USD – Update
— Crypto Tony (@CryptoTony__) August 10, 2024
Must say this is looking good if we can burst through that resistance level here today pic.twitter.com/mQ2ipvGFuG
A Tweet by @CryptoTony | Source:X
When writing, SUI was at $0.8843, trading flat with an intraday dip of over 0.45%. It indicated mild bearish movements. Its trading volume noted a rise of over 5%, conveying mixed cues amongst traders.
SUI Price Chart | Source: Santiment
The MACD and the signal line depicted a bullish crossover, as the green histogram increased significantly, attributed to the buying pressure. Also, the RSI curve approached the overbought region at 65, implying a bullish overview.
Meanwhile, the token comfortably held gains above the 20-day and 50-day EMA mark. The bulls have been trying to kick the barrier of the 100-day and 200-day EMA mark to record a significant breakout ahead.
On-Chain Metrics Directs a Positive Outlook
Amidst the impressive price recovery in the last few sessions, the on-chain metrics convinced investors to look confident.
It was observed by the weighted sentiment curve, which displayed a sharp spike noted around 1.212. This represented a positive sentiment amongst investors.
Weighted Sentiment Data | Source: Santiment
Similarly, the media buzz for SUI was on the rise. The dominance curve saw a sharp spike and rose over 80% last week, conveying heightened investor discussions and chatter on the media platforms.
The Futures Open Interest (OI) data noted a drop of over 3.13%, implying a short covering activity in the past 24 hours.
If the SUI token crosses the 200-day EMA mark on a closing basis, a next bull run toward the $1.15 can be seen ahead. The $1.25 mark would follow this,
Conversely, if it fails, a significant retracement toward $0.80, followed by $0.60, can be anticipated in the short term.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
