As Bitcoin bounces above the $86,000 mark, the altcoins are gradually gaining momentum. Among the rising altcoins, SUI has registered a price surge of 2% over the past 24 hours.
Thus, it marks its second consecutive positive day, hinting at a potential post-retest reversal. Will this drive the SUI prices above the $3 psychological mark? Let’s find out.
SUI Price Analysis: Bullish Reversal Forms Above $2.8
In the daily chart, the SUI price trend shows a bullish breakout of a falling channel pattern. The breakout early failed to surpass the 50-day EMA, closing at the $2.80 mark.
This resulted in a quick turnaround to the broken resistance trend line. However, with the recent 2-day recovery run, accounting for a price surge of nearly 10%, SUI begins a post-retest reversal.
The recovery run has surpassed the 20-day EMA line. Amid the sudden bullish comeback, the MACD and signal lines prolong the positive trend with the resurgence of bullish histograms.
Thus, the technical indicator reflects a surge in bullish momentum. However, due to the prevailing downfall, the 100- and 200-day EMA lines are on the verge of giving a negative crossover.
SUI Network Witnesses 9% Hike in Total DEX Volume, Hits $70B
As the SUI price trend gains momentum, the network witnesses a significant recovery. Over the past month, the SUI network witnessed the total DEX volume shoot up to $70 billion. This marks a 19.13% surge.
Furthermore, as per SUIScan, the total transaction blocks are at 3.31 billion, and the total transactions are rising to 9.29 billion. The total value locked over the network is at 1.26 billion dollars. The new accounts over the past 7 days have risen to 15.59 million.
SUI Price Targets
As the SUI price trend hangs at a positive bounce back, the Fibonacci levels paint the immediate price target at $2.83. This is highlighted by the 23.60% level close to the 200-day EMA line.
The immediate resistance provides an upside potential of more than 15%. Optimistically, the bullish breakout will drive the SUI prices to the 50% level at $3.68. On the flip side, the $2 psychological mark remains the immediate crucial support.
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