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Will the SUI price trend continue within a triangle pattern, surpassing the $4.50 psychological barrier and sparking a bull run?
Despite increased volatility in Bitcoin prices, the total cryptocurrency market capitalization (excluding Bitcoin and Ethereum) remains strong at a $1 trillion valuation. Amidst the relatively stronger altcoin market, SUI finds itself at a pivotal point.
Over the past 24 hours, SUI has experienced a pullback of 1.14%, currently trading at $4.33. However, the fate of SUI is still within a triangle pattern.
SUI Price Analysis
The 4-hour chart reveals that SUI price action is supported by a local support trendline. In conjunction with the ascending trendline, the convergence of the 20, 50, and 100 EMA lines creates a solid demand zone for SUI.
This zone helps absorb the sudden surge in supply, leading to a 1.74% drop and the formation of a bearish engulfing candle. However, the 0.80% rise in the past 4 hours signals a potential bullish reversal if the broader market stabilizes.
The local support trendline and the long-standing resistance trendline form a triangle pattern. This indicates the possibility of a new lower-high formation to challenge the local resistance.
Additionally, the 4-hour RSI remains above the 50 mark, reflecting a positive trend. Therefore, a bullish rebound from the support trendline is likely to challenge the resistance level near the $4.50 psychological mark.
On the other hand, a breakdown below the critical confluence of support elements could test the 200 EMA line at $4.1182.
SUI Network Growth Reveals Underlying Strength
Despite the pullback in the altcoin market, the SUI network metrics are relatively optimistic. The total accounts over the network have increased by 157,511 over the past 24 hours, driving the total accounts to 45.66 million.
Furthermore, the total transactions over the network have reached 7.84 billion, boosting the TVL to $1.75 billion.
As the network regains strength, the total NFTs over the SUI network has increased by 79,646 NFTs in the past 24 hours. This increases the total NFT count over the SUI network to 55.43 million.
Thus, these indicators highlight the network’s resilience and sustained user activity.