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Currently, SUI price has experienced a nearly 30% retracement over the past two weeks from its supply zone and yearly high. This week’s strong momentum has brought its price to the 500-day EMA band, effortlessly moving through the 20-day EMA band.
The decline was primarily driven by pessimism surrounding the recent token unlock event, which was at the center of major selling activity.
Despite this fall, SUI price has attracted significant attention with a notable 5% intraday surge. It pushed SUI’s value above the $1.80 mark and attempted to spike from the 50-day EMA band.
This surge has made SUI one of the day’s top gainers, although it remains in the red for weekly gains. The broader market momentum is sluggish as BTC struggles this week.
Additionally, if BTC shows signs of recovery, the market, including SUI, is likely to follow suit. Some analysts believe that a breakout for further gains is imminent. On-chain metrics have also shown spectacular gains, which is a factor that cannot be overlooked.
Continue reading for more insights on analysts’ views, on-chain data, and SUI price prediction.
The Analyst Theory Suggests an Imminent Breakout Ahead
In recent weeks, the SUI price has experienced a significant pullback. According to price analyst CryptoBull360, this pullback has formed a falling wedge pattern on the two-hour chart.
Theoretically, the two converging trendlines could help buyers regain bullish momentum. A potential breakout from the trendline resistance, coupled with the Point of Control (PoC), might indicate the beginning of a bullish rally.
#SUI approaches the trendline resistance of falling channel & traders starts taking profits anticipating bearish move, A strong flip off from the trendline resistance + PoC will trigger the bullish rally, Keep an eye on📈✅$SUI #SUIUSDT pic.twitter.com/cDeGABAy4u
— CryptoBull_360 (@CryptoBull_360) October 24, 2024
Conversely, if sellers continue to defend the overhead trendline, SUI crypto price could extend its current correction trend.
SUI Price Prediction: After Mesmerizing Surge and Recent Decline, What’s Ahead?
Over the past three months, the SUI price surged by over 400%. It climbed from a low of $0.4623 to $2.3661 by October 13, 2024. This rally began with a breakout from a falling wedge pattern in August, followed by a strong consolidation around the $1 mark. It set the stage for a significant upward move.
In October, SUI reached a new yearly all-time high (ATH). However, concerns about the unlock event caused market jitters about ten days before the event. Consequently, the price retraced nearly 30% from its new highs. On the day of the unlock event, October 23, 2024, further pessimism drove the price below the 20-day EMA band.
Currently, SUI crypto is resting near the 50-day EMA, which serves as a dynamic support level. Despite the strong sell-off pressure, the decline has been relatively modest compared to the robust bull run in October.
The higher highs established over the past 90 days indicate that the bullish trend remains intact despite the recent pullback.
However, this bullish trend could be compromised if the SUI price breaks below the 50-day EMA and $1.6009, followed by continued selling pressure.
On the other hand, if buying interest increases, a pullback could form, potentially retesting the recent ATH. Confidence in the bullish trend would be reinforced if the price surpasses the $2.3661 mark.
SUI Crypto’s DeFi Ecosystem Booms as TVL Advances
DeFiLlama data reveals that the SUI network‘s Total Value Locked (TVL) has skyrocketed from $313 million to $995 million. That marked an impressive increase of over 200% in just three months. This significant rise in TVL reflects growing investor confidence and the expanding adoption of SUI’s DeFi ecosystem.
The large influx of capital indicates that more users are locking their assets in SUI-based protocols, which supports a bullish outlook for price recovery.