SUI price smashes through $1 with 18% daily growthOver the last week, despite the increased volatility in Bitcoin and Ethereum before the CPI data release, SUI maintained a bullish trend. SUI price upheld a 15% rise then to rank among the top weekly performers.
Will the new recovery run and the price jump above $1 result in a new 52-week high for SUI this season? Let’s find out.
As the broader market sentiments are improving, the bull run in the SUI token price is expected to gain momentum. With the bullish narrative of SUI, the crypto analyst BMOON tweets about the upcoming rally with a potential target of $3.6.
Reflecting a positive channel in a weekly time frame, BMOON expects the bull cycle in SUI price within the channel to hit $3.6552.
Adding credibility to the project, Grayscale’s new Trust adds credibility to SUI, reinforcing positive market sentiment.
Currently, it has reclaimed the psychological mark of $1 and is trading with a 14.48% jump in the past 24 hours. With the recovery rally in motion, the past seven days for SUI price have been profitable, with a surge of 26.17%.
As per our technical analysis, the Logarithmic daily chart reveals a bullish cycle from the 23.60% Fibonacci level. The recovery run gains momentum as the retest of the falling channel breakout reveals massive demand at lower levels.
The bull cycle is now accounting for a price jump of 36.25% in the last ten days. With this, the SUI price is now challenging the crucial resistance of 50% Fibonacci level at $1.0541.
With a bullish engulfing candle of 11.4% intraday jump completing a morning star pattern, the sentiments are improving. Hence, the chances of a bullish breakout rally in SUI prices are significantly increasing. In the near term, before SUI reaches BMOON’s expected $3.65 target, the near-term resistances are at 61.80% and 78.60% levels at $1.23 and $1.55, respectively.
