SUI Price Prediction: After Mesmerizing Surge and Recent Decline, What's Ahead?

Currently, SUI price has experienced a nearly 30% retracement over the past two weeks from its supply zone and yearly high. This week's strong momentum has brought its price to the 500-day EMA band, effortlessly moving through the 20-day EMA band.

After experiencing a nearly 30% retracement over the past two weeks from its supply zone and yearly high, the SUI price shows no signs of slowing down. This week’s strong momentum brought its price to the 500-day EMA band, effortlessly moving through the 20-day EMA band.

The decline was primarily driven by pessimism surrounding the recent token unlock event, which was at the center of major selling activity.

Despite this fall, SUI price has attracted significant attention with a notable 5% intraday surge. It pushed SUI’s value above the $1.80 mark and attempted to spike from the 50-day EMA band.

This surge has made SUI one of the day’s top gainers, although it remains in the red for weekly gains. The broader market momentum is sluggish as BTC struggles this week.

Additionally, if BTC shows signs of recovery, the market, including SUI, is likely to follow suit. Some analysts believe that a breakout for further gains is imminent. On-chain metrics have also shown spectacular gains, which is a factor that cannot be overlooked.

Continue reading for more insights on analysts’ views, on-chain data, and SUI price prediction.

The Analyst Theory Suggests an Imminent Breakout Ahead

In recent weeks, the SUI price has experienced a significant pullback. According to price analyst CryptoBull360, this pullback has formed a falling wedge pattern on the two-hour chart.

Theoretically, the two converging trendlines could help buyers regain bullish momentum. A potential breakout from the trendline resistance, coupled with the Point of Control (PoC), might indicate the beginning of a bullish rally.

#SUI approaches the trendline resistance of falling channel & traders starts taking profits anticipating bearish move, A strong flip off from the trendline resistance PoC will trigger the bullish rally, Keep an eye on?✅$SUI #SUIUSDT pic.twitter.com/cDeGABAy4u

Conversely, if sellers continue to defend the overhead trendline, SUI crypto price could extend its current correction trend.

The above is the detailed content of SUI Price Prediction: After Mesmerizing Surge and Recent Decline, What's Ahead?. For more information, please follow other related articles on the PHP Chinese website!