news 
Sui Gains 500% in Four Months: Traders Watch Out for This Key Resistance
In a remarkable turn of events, the Sui Network has defied all odds by gaining an astonishing 500% in just four short months. As this news sinks in, traders are now left to grapple with the question on everyone’s mind – what’s next?
While some may be tempted to jump ship and cash out their profits, it is crucial that we analyze the current situation thoroughly before making any rash decisions.
As of today, Sui has displayed a strongly bullish long-term outlook. It has been a remarkable ride for this cryptocurrency since September, with prices rallying nearly 500% in less than four months. However, the recent price drop of 8.6%, courtesy of Bitcoin’s [BTC] 4.8% dip in the past 24 hours, raises some concern among traders.
Despite this minor setback, Sui’s price action continues to paint a picture of a strongly bullish daily timeframe. With a robust uptrend since late October, it is essential that we understand where potential resistance levels might be lurking.
For those who may have missed it, the Ichimoku Cloud remains decidedly bearish on the daily scale, indicating a strong upward momentum over the past month. This comes as no surprise given Sui’s phenomenal growth in recent months.
However, it is crucial to identify key resistance levels that could potentially halt this uptrend or even trigger a pullback. Currently, there are a couple of areas that traders should be keeping an eye on – and one stands out more so than the others.
At press time, it seems Sui’s 23.6% Fibonacci extension level at $4.494 serves as short-term support. If this level is broken, it could spell trouble for those holding onto SUI.
Source: ambcrypto.com
