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After hitting a crossroads at $1.74, SUI is anticipating a breakout to $3 as the total value locked (TVL) on the network surpasses $1 billion.
In a recent tweet, the SUI network celebrated a significant milestone: reaching $1 billion in TVL just two years after launching its mainnet. As a rapidly growing network, SUI positions itself as a potential competitor to Solana and other established platforms.
With the bull run in altcoins gaining momentum and approaching the psychological $2 mark, this recent achievement enhances overall sentiment around SUI. Will this burgeoning network drive the SUI market price to a new all-time high? Let’s explore.
SUI Reversal Run Crosses $1.50
Over the past four weeks, the SUI token has registered a bullish trend in motion. It has increased by 133%, challenging the 78.60% Fibonacci level at $1.7454.
The recovery rally forms a rounding-bottom reversal on the weekly chart, with a neckline near the $1.20 psychological level. This pattern is clearer on the daily chart.
On the daily chart, the SUI token exhibits a robust bullish rally. The recovery trend indicates strong bullish momentum, resulting in a bullish crossover between the 100-day and 200-day EMA.
SUI Price ChartHowever, recent resistance near the 78.60% Fibonacci level raises the possibility of a double-top pattern as buyers face challenges in achieving a breakout. Currently, the SUI token is trading at $1.7388, with an intraday pullback of 1.19%, indicating some bullish weakness.
Additionally, the MACD indicator suggests that the MACD line and signal line are approaching a potential bearish crossover.
Will SUI Price Top $3?
Based on Fibonacci levels, a continuation of the uptrend to complete the rounding-bottom pattern could see the price reach the $2.07 mark. A bullish breakout could position the $3 mark as a potential target in October.
On the flip side, crucial supports for the altcoin are present at 61.80% and 50% Fibonacci levels at $1.48 and $1.30, respectively.