After hitting a crossroads at $1.74, SUI is anticipating a breakout to $3 as the total value locked (TVL) on the network surpasses $1 billion.
In a recent tweet, the SUI network celebrated a significant milestone: reaching $1 billion in TVL just two years after launching its mainnet. As a rapidly growing network, SUI positions itself as a potential competitor to Solana and other established platforms.
With the bull run in altcoins gaining momentum and approaching the psychological $2 mark, this recent achievement enhances overall sentiment around SUI. Will this burgeoning network drive the SUI market price to a new all-time high? Let’s explore.
SUI Reversal Run Crosses $1.50
Over the past four weeks, the SUI token has registered a bullish trend in motion. It has increased by 133%, challenging the 78.60% Fibonacci level at $1.7454.
The recovery rally forms a rounding-bottom reversal on the weekly chart, with a neckline near the $1.20 psychological level. This pattern is clearer on the daily chart.
On the daily chart, the SUI token exhibits a robust bullish rally. The recovery trend indicates strong bullish momentum, resulting in a bullish crossover between the 100-day and 200-day EMA.
SUI Price ChartHowever, recent resistance near the 78.60% Fibonacci level raises the possibility of a double-top pattern as buyers face challenges in achieving a breakout. Currently, the SUI token is trading at $1.7388, with an intraday pullback of 1.19%, indicating some bullish weakness.
Additionally, the MACD indicator suggests that the MACD line and signal line are approaching a potential bearish crossover.
Will SUI Price Top $3?
Based on Fibonacci levels, a continuation of the uptrend to complete the rounding-bottom pattern could see the price reach the $2.07 mark. A bullish breakout could position the $3 mark as a potential target in October.
On the flip side, crucial supports for the altcoin are present at 61.80% and 50% Fibonacci levels at $1.48 and $1.30, respectively.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
