SUI Price Analysis: Will the New Recovery Run and the Price Jump Above $1 Result in a New 52-Week High for SUI This Season?

As the broader market sentiments are improving, the bull run in the SUI token price is expected to gain momentum. With the bullish narrative of SUI

Despite the broader market volatility, SUI price maintained a bullish trend last week, with a 15% price hike. This strong performance placed SUI among the top weekly performers.

With the upcoming CPI data release and improving market sentiments, several crypto analysts are optimistic about SUI’s upcoming price movement. In a recent tweet, BMOON highlighted the potential for a bull cycle in SUI, targeting a price point of $3.6 in Q4.

$SUI target for this Q4 is 3,6$. I've been bull calling on @SuiNetwork for a few weeks and they still surprise me on how good the price hold. #DeFi on Sui is going strong also. And for those who like bigger moonshot, higher-risk taste, eyes on $SCA – @Scallop_io and $CETUS… pic.twitter.com/BoaZavNUNJ

In a weekly time frame, SUI price reflects a positive channel, with expectations for the bull cycle to reach $3.6552 within the channel.

Moreover, Grayscale’s Trust addition is boosting SUI credibility. In a recent tweet, Grayscale announced the opening of the Grayscale Sui Trust to eligible accredited investors.

Grayscale Sui Trust is open to eligible accredited investors seeking exposure to $SUI, a third-generation blockchain designed to help address scalability and transaction costs.Click below to learn more about Grayscale Sui Trust or reach out to us: https://t.co/WgCAFA7E8L pic.twitter.com/gic7kJDzF6

This Trust aims to provide investors with an easy and efficient way to gain exposure to SUI, which is designed to enhance scalability and reduce transaction costs in the blockchain space.

SUI Price Analysis

With a market capitalization of $2.713 billion, SUI ranks among the top 30 cryptocurrencies. At the moment, it trades at a price of $1.00 with a surge of 14.48% in the past 24 hours.

In the last seven days, SUI price showcases a 26.17% increase, making it a profitable week for the token.

According to our technical analysis, the Logarithmic daily chart showcases a bullish cycle from the 23.60% Fibonacci level.

The recovery gains momentum as the retest of the falling channel breakout showcases massive demand at lower levels.

Currently, the bull cycle accounts for a price hike of 36.25% in the last ten days. With this, SUI price is challenging the crucial resistance of 50% Fibonacci level at $1.0541.

Tradingview

A bullish engulfing candle of 11.4% intraday completes a morning star pattern, improving sentiments.

Hence, the chances of a bullish breakout rally in SUI price are increasing significantly. In the near term, resistances lie at 61.80% and 78.60% levels at $1.23 and $1.55, respectively, before BMOON’s target of $3.65.

Technical Indicators:

EMA: The 50-day and 200-day EMA maintain a bearish alignment. However, the recent bull run showcases an uptick in the 50-day EMA, teasing a golden crossover.

MACD: The MACD and signal line give a bullish crossover and sustain a positive trend. Furthermore, a surge in positive histograms bolsters the uptrend.

Are you curious to know if the bull run in SUI will lead it past the $2 mark in 2024? Check out Coinpedia’s comprehensive SUI price prediction now!