**Key Highlights:**
– The price of SUI has surged past the $1.50 resistance mark.
– A significant bullish trend line has formed, with support positioned at $1.150 on the daily chart.
– The price has increased by over 50% within a week and could potentially rise towards the $2.00 milestone.
Sui (SUI) has maintained a robust uptrend, consistently trading above $1.25 and $1.50. The price recently reached $1.77 and appears poised to push further towards the $2.00 mark.
**SUI Price Continues Its Ascent Above $1.50**
In our previous technical analysis, we explored the possibility of a 20% surge for SUI, and the bullish momentum has proven effective. The bulls have successfully driven the price above both the $1.50 and $1.60 resistance levels, even elevating it beyond $1.70.
In recent developments, Sui has appointed Jameel as the new Head of Ecosystem Development to support builders and projects on the Sui platform.
SUI’s price has climbed over 50% in just a week, surpassing major altcoins, including Ethereum, and recently peaking at $1.7789. Currently, the price is consolidating around $1.750, well above the 50-day simple moving average (indicated in blue).
Sui price daily chart | Source: SUI/USD on TradingView.com
SUI shows no signs of slowing down and may continue its upward trajectory past the $1.7789 mark. The first notable resistance could be at $1.80. A decisive movement above this threshold could pave the way for further increases.
In such a scenario, the price might rally and approach the $1.88 level, with additional gains potentially leading to a test of the $2.00 mark.
**Is a Downward Correction Ahead?**
Conversely, if the price falters, SUI could initiate a correction from $1.7789 or $1.80. Immediate support is anticipated around the $1.650 level, while the first significant support is projected near the $1.550 level or at the 23.6% Fibonacci retracement of the upward movement from the $1.746 swing low to the $1.7789 high, estimated at $1.5350.
The next major support level is around $1.265. A crucial support zone is forming near a key bullish trend line at $1.150 on the daily chart, coinciding with the 61.8% Fibonacci retracement level from the upward move between $1.746 and $1.7789.
An important support threshold is also evident near the 50-day simple moving average (in blue) at $1.00. A daily closing price below this level could trigger a significant downturn, with the possibility of a drop towards the $0.880 support area.
In summary, SUI’s price is on the rise above the $1.650 threshold. Should a pullback occur, bullish activity may remain strong around the $1.550 and $1.500 levels. On the upward trajectory, the next target for the bulls is the coveted $2.00 mark.
