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Sui gains 500% in four months: Traders watch out for THIS key resistance
In a remarkable turnaround, Sui Network (SUI) has witnessed a stunning 500% growth in just four months. The sudden surge has caught the attention of traders who are now closely monitoring a critical level that could make or break this unprecedented rally.
As of press time, the 23.6% Fibonacci extension level at $4.494 serves as a short-term support for SUI. This development suggests that any pullback will find strong support around this mark. The Ichimoku Cloud remains intensely bullish on the daily timeframe, highlighting robust support at $3.2 and the $4.1 region.
It is essential to note that any price drop below $3.35 appears unlikely, as it would significantly alter the higher timeframe expectations. However, if this event were to occur, it could lead to a shift in sentiment towards a bearish outlook.
The 500% surge has led many analysts to speculate about SUI’s future trajectory. While volatility is possible, experts believe that the next significant target for SUI will be around $5.38 rather than $3.5 or below.
Sui Network’s price action has been consistently bullish on its daily chart since late October, with higher highs and higher lows. The uptrend initiated in September after local resistance at $0.9-$1 was breached and retested as support.
In the past month, average trading volume has exhibited a slight downward trend, which may indicate that buying pressure has weakened. This is corroborated by the A/D indicator, which has slowed down over the past week.
The Fibonacci extension level of 23.6% at $4.494 currently acts as short-term support.
Source: ambcrypto.com
