SUI is currently testing crucial supply levels following a 75% surge from local demand around $1 since mid-September. This aggressive price movement has placed the layer-1 blockchain in the spotlight, making it a trending asset. Traders and investors are increasingly interested, speculating on further gains.
Analysts predict that SUI could challenge its all-time highs around $2.20 soon, solidifying its position as a top-performing asset. As interest builds, all eyes are on SUI's ability to maintain momentum and break through key resistance levels.
SUI has been one of the top-performing assets recently, driven by optimism after the Federal Reserve's interest rate cuts. Analysts are hopeful that this surge is a precursor to more significant gains. Renowned trader Kong Trading highlighted an inverted head and shoulders pattern, suggesting potential further gains if SUI breaks past $2.
SUI's bullish momentum is contingent on broader market conditions. While the setup is promising, the asset remains vulnerable to sudden shifts in sentiment or unfavorable market developments. Traders are focused on SUI's ability to sustain its upward trajectory.
Currently trading at $1.67 after a 140% rally from early September lows, SUI faces resistance in the $1.82 range. Breaking this level could lead to a rally towards its all-time high of $2.18. Failure to do so might result in a retracement to lower demand levels around $1.45, which now serves as strong support.
