thecryptobasic.com
Will SUI price cross the $5 milestone as bulls prepare to challenge the overhead trendline in the 4-hour chart?
The SUI token has increased by 4.24% over the past 24 hours, reaching the $4.50 psychological mark. With a market cap of $13.24 billion, the recovery hints at a potential bull run before the end of 2024.
Will this recovery lead to a price jump beyond the $5 milestone? Let’s find out.
SUI Price Analysis
Currently, the SUI token is trading at $4.5370 with an intraday pullback of 3.66%. This marks a bearish exhaustion after the overnight recovery of 9%. The surge last night created a bullish engulfing candle to complete a morning star pattern.
This resulted in a 24-hour high of $4.75. In the 4-hour price chart, the SUI token showcases a bullish dominance at the local support trendline, resulting in two consecutive engulfing candles.
The recovery run breached the 50% Fibonacci level but failed to sustain the bullish dominance. With three consecutive bearish candles, the minor intraday pullback creates a triple black crow setup.
This breaks under the 50% Fibonacci level and is heading to challenge the 50 EMA line at $4.42. Furthermore, it puts the $4.50 psychological mark at risk and warns of another retest of the local support trendline.
SUI Network Nears $2B in TVL
During the overnight recovery, the SUI network surpassed the $1.75 billion valuation in the total value locked over this month. Currently, it is sitting at $1.782 billion, witnessing a 12% surge over the last 30 days.
SUI’s stablecoin market cap is nearing the $400 million mark and is currently at $388.72 million. Meanwhile, the 24-hour volume stands at $409.28 million. With the improvement in numbers, the SUI network TVL is nearing the $2 billion milestone, reflecting network growth.
SUI Price Targets
Using the trend-based Fibonacci levels, the short-term pullback in SUI targets a potential retest of the 38.20% Fibonacci level at $4.20. However, the constant support at local support levels and the underlying demand hint at a potential run to the $5 psychological milestone.
Furthermore, the rising channel pattern showcases a bullish potential to reach the overhead trendline near the 78.60% Fibonacci level at $5.71. Hence, despite the short-term pullback and the broader market volatility, the underlying potential for SUI reveals an upside of nearly 30%.