SUI Ready For 15% Move Amid Key Support Level Retest
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Sui, the local token for SUI network, is retesting key support levels after soaring close to $2.40. When cryptocurrencies try to hold their current range, some analysts have shown that the upcoming breakout is the price of the token.
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Sui Eyes key resistance
On Monday, Sui’s price rose 7% to approach key resistance levels, exacerbating bullish sentiment among investors. Cryptocurrencies have been one of the major tokens in the cycle, with most markets outperforming most markets during the 2024 pullback.
However, cryptocurrencies have Chopped Over 57% yields have dropped to $2.20 from an all-time high of $5.31 in January (ATH). After losing the $4 support zone, Sui hovers between the $2.1-3.5 zone, briefly below $2 last Tuesday.
Since hitting a 4-month low, SUI has recovered 7.8% over the weekly timeframe and climbed to $2.37 today. According to analyst TED Pillow, its recent price action has already been Complete The head and shoulders reverse mode, the price may move towards a breakthrough level of $2.45.
The continued surge above this level could cause the token to retest the recent $2.6 support. For analysts, “a big breakthrough is only a matter of time” because institutions have developed interest in tokens.
It is worth noting that Canary Capital Filed SUI Spot Exchange Trading Fund (ETF) and the U.S. Securities and Exchange Commission (SEC) (SEC) cheered for yesterday’s 7% rally.
The move comes after Canary filed on March 6, registered a Delaware-based SUI fund-based trust. On the same day, Sui Announce It partnered with US President Donald Trump’s Crypto Venture with World Liberty Financial (WLFI) to include tokens in its “macro strategy” token reserve.
$2.26 Retest: Breakthrough or Breakdown?
Crypto analyst Ali Martinez suggestion The token is ready to move 15%. In the X post, he highlighted the week-long rising triangle pattern formed in the SUI chart, with the current rising support line of $2.26 and the $2.40 set as a crucial resistance level.
According to analysts, 15% of the direction of movement will depend on the proximity above the resistive line, which will bring the price to the $2.80 price range, or below the support level, which could drop the cryptocurrency to $1.90.
Since reaching a daily high price of $2.37, Sui has recover Reaching the support level of the mode, briefly dropping to $2.22 before bounced to the ascending line. Despite the small recovery, the token is struggling to stay above the key level, hovering between $2.23-2.26 throughout Tuesday morning.
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Meanwhile, market observer Pushpendra Singh Highlight Sui is currently a “strong buying area”. The $2-$2.3 price range is a key branch level during the November post-election Pump.
Furthermore, its recent re-explosion from this level suggests that “an upcoming breakthrough may be near”. According to the Post, cryptocurrency is looking at the mid-term $7 target.
As of this writing, SUI is trading at $2.25, a 5% drop in the daily time range.
Featured images from Unsplash.com, charts from TradingView.com
