Sui gains 500% in four months: Traders watch out for THIS key resistance

The Ichimoku Cloud was intensely bullish on the daily timeframe.
A price drop below $3.35, unlikely at press time, will shift the higher timeframe expectations bearishly.

As a seasoned analyst with over two decades of trading experience under my belt, I’ve seen market cycles come and go. The current bullish trend on Sui Network [SUI] is something that catches my attention, not just because of its impressive 500% rally since September, but also due to its steady growth pattern.

The digital currency SUI (Sui Network) is anticipated to have a robustly optimistic long-term perspective. It has shown exceptional growth since September, increasing approximately 500% within a span of nearly four months. Yesterday’s 4.8% drop in Bitcoin‘s [BTC] price caused a decrease of 8.6% in Sui prices as well.

Lately, we’ve seen a decrease in purchasing activity, which might indicate that supporters of Sui are waiting patiently for the right moment to fuel the next significant surge upward.

Sui projected to grow beyond the $5 mark

Sui’s price trend on the daily scale has shown a robust bullish movement, with consistent increases both in peaks (higher highs) and troughs (higher lows), starting from late October. This uptrend took off in September when it breached and then reconfirmed previous local resistance levels between $0.9 and $1 as new support points.

For about a month now, the typical trading activity has been gradually decreasing, suggesting reduced buying enthusiasm. This decline can be observed in the A/D indicator, which has noticeably slowed, particularly during the last seven days.

The Ichimoku indicator continues to indicate a bullish trend, offering robust backing at approximately $3.2 and around $4.1. Over the past month, there’s been a significant surge upwards, as indicated by the dense formation of the cloud.

Currently, the 23.6% increase level acts as a temporary cushion for the market. Although fluctuations might occur, it’s more probable that the price will rise towards $5.38 rather than dropping to $3.50 or lower in the short term.

Short-term range for SUI

Earlier this month, the Fibonacci extension level at $4.5 acted as a barrier for price increases, but it has now transitioned into a potential area of demand due to its history. Over the past two weeks, there have been several points where sellers liquidated their positions around $4.3, and another pocket of liquidity can be found at $5.

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Over the last week, the price has fluctuated between these two points, leading to an accumulation of liquidity. Since Bitcoin experienced a drop in value and SUI entered a holding pattern, it’s likely that this price range will persist for a while longer.

2024-12-19 08:07

Sui projected to grow beyond the $5 mark

Short-term range for SUI

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