Sui price has seen a jump of over 8% within the last 24 hours after showing a neutral price movement over the past few days. Moreover, this altcoin has seen a strong bullish movement since the beginning of the month, highlighting a rising demand for the crypto token in the market.
Are you planning to invest in this project? But are unsure about its future prospects? In this article, we examined the market sentiment, price action, and possible price targets of the crypto token Sui (SUI).
Sui coin price shows increasing bullish sentiment
Sui coin price has been trading in a descending channel pattern since mid-April. This indicated a strong bearish sentiment in the crypto space. However, with the increased price movement, Sui price has successfully retested its crucial support level of $0.460.
Moreover, it has gained 71.65% in the last 17 days, which has led to the formation of an ascending triangle pattern. Moreover, with the help of a support trend line, this altcoin is about to test its key resistance level.
With a trading price of $0.9126 and a circulating supply of 2,596,086,127 tokens, this altcoin has secured the 34th spot on the global cryptocurrency list with a market capitalization of $2.364 billion.
The Simple Moving Average (SMA) has shown a bullish convergence on the 1D time frame, indicating increased buying pressure for the altcoin in the market. However, the MACD shows a neutral price trend with its averages moving sideways. This indicates a mixed price sentiment for the SUI token.
Will Sui price reach $2 in 2024?
If the market continues to gain momentum, the Sui token will head towards its resistance level of $1. If the price sustains at this level, it will set the stage for this altcoin to head towards its upper resistance level of $1.2980 in the coming weeks.
For the Sui cryptocurrency to reach a high of $2, an increase of 117.96% is needed, considering the current list price of $0.9176.
On the downside, if the bears regain power, Sui coin price will break out of its triangle pattern and retest its support level at $0.7410. If the bulls fail to regain momentum, it will crash to its lower support level at $0.460.
