SUI Price Continues to Surge Above $1.50 Resistance
The price of Sui (SUI) has continued its impressive rally, breaking above the $1.50 resistance level. On the daily chart, a key bullish trend line is forming with support at $1.150. This surge has seen the price increase by over 50% in just one week, and there is potential for further gains towards the $2.00 level.
SUI Price Extends Rally Above $1.50
In our previous technical analysis, we discussed the possibility of SUI extending its surge by 20%. The bulls have remained active, pushing the price above both the $1.50 and $1.60 resistance levels. In fact, the price has even surpassed $1.70.
Recently, SUI made an important appointment by bringing on Jameel as the new Head of Ecosystem Development. This move aims to support the builders and projects on Sui in their growth and development.
The price surge of SUI has outperformed major altcoins like Ethereum, increasing by over 50% in just one week and reaching as high as $1.7789. Currently, the price is consolidating its gains near $1.750 and remains well above the 50-day simple moving average.
SUI is showing no signs of slowing down and may continue to climb above $1.7789. The first significant resistance level to watch is $1.80. A clear breakthrough above this level could pave the way for further steady increases.
In such a scenario, the price could rally and test the $1.88 level, and possibly even reach $2.00.
Potential Downside Correction?
However, if the price starts to correct downwards from $1.7789 or $1.80, there is immediate support near the $1.650 level. The first visible support is around $1.550 or the 23.6% Fib retracement level of the upward move from the $1.746 swing low to the $1.7789 high at $1.5350.
The next major support level is around $1.265. The primary support level is now forming near a crucial bullish trend line at $1.150 on the daily chart. This level is close to the 61.8% Fib retracement level of the upward move from the $1.746 swing low to the $1.7789 high.
Another important support level lies at the 50-day simple moving average (blue) at $1.00. If the price closes below this support level, it could trigger a significant decline, potentially dropping towards the $0.880 support zone.
Overall, the price of SUI is experiencing a significant surge above the $1.650 level. If there is a pullback, the bulls are likely to remain active near the $1.550 and $1.500 levels. On the upside, the next target for the bulls is $2.00.
