Will Sui Continue its Upward Trend?
Over the past week, NYSE:SUI has surged by 100%, reaching a yearly high of $1.45, where new resistance has formed. Currently, the asset is trading close to this resistance zone, and given the absence of significant corrections in the asset's chart recently, there is a possibility of a minor retracement.
However, considering the growing TVL in the Sui network, significant activity within the DeFi ecosystem of this blockchain, and the absence of negative developments surrounding the primary cryptocurrency, the most likely scenario is the continuation of SUI's upward trend. The next target for buyers would be the $1.5 price level.
In case of a temporary correction, NYSE:SUI could retrace to support zones ranging from $1.22–$1.27, $1.14–$1.19, and $1.09. If the overall crypto market conditions remain stable, the decline in SUI should be viewed as a potential buying opportunity in the spot market.
