SUI Continues Strong Momentum After Surging 500% In 4 Months
Sui Network (SUI) has experienced an impressive surge of nearly 500% in less than four months. However, Bitcoin (BTC) recently dropping to around $101K has, in turn, caused SUI to decrease by 8.6%.
Future Projections
The price action for SUI has been consistently bullish on the daily chart, marking higher highs and higher lows since late October. This upward trend began in September when Sui broke through the local resistance at the $0.9-$1 range and then retested it as support.
Over the last month, the average trading volume has decreased slightly, signaling a reduction in buying pressure. This is evident on the A/D indicator, which has slowed down, especially in the past week. Meanwhile, the Ichimoku Cloud remains bullish, indicating solid support levels around $3.2 and $4.1.
Short-Term Range For SUI
Earlier this month, the Fibonacci extension level at $4.5 acted as resistance but has now become a demand zone. The 2-week look-back period revealed a concentration of liquidation levels around $4.3, with another liquidity zone at $5.
The price for SUI has remained within this range over the past week, reflecting the build-up of liquidity. With the aforementioned BTC price dip and the consolidation phase of SUI, this range-bound movement may continue for several more days.
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