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SUI was up +150% from early August lows.
Network growth has slowed slightly in the past few days.
As a seasoned crypto investor with a knack for spotting promising projects, I have been closely monitoring SUI [SUI] and its impressive recovery since early August. With a staggering 150% surge from the lows, SUI has caught my attention as a potential gem that could deliver substantial returns.
Since the trough in early August at around $0.5, SUI [SUI] has experienced significant growth, rising more than 150%. This month of September alone, the L1 network has seen a surge of approximately 60% and reclaimed the $1.2 mark, a level that previously served as resistance during the second and third quarters. This could potentially indicate another strong upward trend for SUI in the near future.
Indeed, as per crypto expert Raoul Pal from Real Vision, it appears that SUI is poised for an impressive surge in its price trajectory. This prediction is based on SUI’s recent breach of a significant resistance level along its long-term trendline and the SUI/SOL ratio.
In short, he suggested that SUI could print an explosive run higher than SOL.
SUI price prediction: Are more recovery gains likely?
During the market downturns experienced in both Q2 and Q3, SUI found it challenging to maintain a value above one dollar. Yet, as we speak, it has surpassed the $1 mark and was on the brink of converting the $1.05 – $1.13 resistance area (highlighted in cyan) into a support zone.
As an analyst, I’ve noticed that if the current trend continues, we might be looking at a short-term bullish target reaching $1.4. This could potentially yield a 24% increase in our investment. Not only does the market structure appear bullish, but technical chart indicators are also signaling positive readings, suggesting a promising outlook.
However, the RSI and stochastic RSI also hinted at overbought conditions ahead of the Fed rate decision. So, a price drop below $1 would invalidate the above near-term bullish outlook.
In such a case, the demand zone above $0.8 (marked white) could be crucial to watch.
Sui’s network growth hiked, but…
Despite the above bullish outlook, some on-chain metrics disagreed with it. For example, the recovery coincided with increased network growth, as illustrated by an uptick in daily active users (yellow).
The addresses spiked above 1.25 M as SUI crossed above $1. This was also followed by a surge in DEX volume that signaled an increase DeFi activity on the network. However, active addresses have tanked in the past three days, which might slow the recovery.
Read Sui [SUI] Price Prediction 2024-2025
It’s worth noting that a significant number of experienced traders on Binance have been optimistic about the future price increase of SUI. In fact, approximately 54% of these skilled investors have taken long positions, suggesting a positive outlook and potential growth for SUI.
Keep an eye on macro updates and geopolitical events that could potentially impact SUI and broader risk markets. It’s crucial to stay informed about these factors.
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2024-09-18 18:15