SUI Rises 8% Amid Market Retrace, Will The Joy Be Short-Lived?

SUI showed a remarkable performance on Friday amid the market retrace. Following Bitcoin’s drop to the $55,000 mark, the cryptocurrency was among the few tokens showing green numbers with an 8% surge. The token’s performance, alongside the network’s developments, has fueled a bullish sentiment among investors. However, some analysts remain cautious of the cryptocurrency, warning that the joy could be short-lived. Related Reading: KAMA Memecoin Soars 10% Following Putin’s Endorsement Of Kamala Harris SUI Surges As Top 100’s Largest Daily Gainer SUI was among the best performers throughout August, registering 50% surges amid the market downturns. The cryptocurrency’s resilience last month was fueled by several factors, including network updates, large over-the-counter (OTC) bids, and “strong holdership through big unlocks.” Moreover, crypto asset manager Grayscale launched its investment trust, Grayscale SUI Trust, based on the cryptocurrency. As a result, the token’s bullish momentum propelled the price toward key levels not seen since mid-June. Since then, SUI has moved within a multi-month accumulation zone between the $1.2-$0.57 price range, holding the lower range as a key support area. Throughout August, the token retested the $1 resistance level several times, ultimately failing to reclaim it as a support level. As September started, SUI’s price crashed by 23% due to the market volatility, momentarily losing the $0.75 support zone. However, the cryptocurrency consolidated above this level again as the week progressed. After successfully reclaiming support at the $0.8 level, the token surged 8% on Friday morning. Its price moved toward the $0.088 mark, registering green numbers in most timeframes. SUI is currently the largest gainer among the top 100 cryptocurrencies, with a 6.3% increase in the last 24 hours. The token also displays an 8.5% and 36.8% jump in the weekly and monthly timeframes. This performance fueled a bullish sentiment among investors and market watchers. Will SUI’s Rally End Soon? Crypto analyst Alex Clay highlighted SUI’s performance in the past month, remarking its movements between the mid-zone and key support zone within the “bigger accumulation range.” To the analyst, the cryptocurrency’s price could target the $1.8 resistance level soon if it breaks above the $1.2 mark. Additionally, Clay believes the bullish momentum could drive the price to the mid and long-term targets of $3.3 and $5, although he considers these “conservative targets.” Yuriy, another crypto trader, pointed out that SUI broke out of its two-week range after today’s jump. The cryptocurrency’s chart displays a bullish flag formation, and a breakout could be attempted if the token consolidates above the current levels. Per the post, if SUI holds above the $0.84 support zone, the token’s next resistance level would be the $0.97-$1.02 range. A breakout above the $1 mark could potentially spark a big pump for the token. However, failing to hold the key support zone could lead the price to a 15% to 20% drop. Related Reading: AAVE Whale Goes On $6.78 Million Buying Spree As Price Recovers 16% Crypto analyst Altcoin Sherpa suggested that SUI’s chart is “still a nice” one after its recent performance. However, he warned that the token might not be “a long-term hold.” The analyst considers that bullish joy might be halted by the upcoming token unlock, scheduled for October 3. Featured Image from Unsplash.com, Chart from TradingView.com

Name	Symbol	Market	Market Cap ($)	Algorithm
SUI Network	SUIUSD	Crypto	1,923,787,744	Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.040	-2.37%	1.65	1.65	1.65

High Price	Low Price	Open Price	Prev. Close	52 Week Range
1.72	1.65	1.68	1.69	0.363000 - 2.18

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	08:19:49	254.60	1.65	USD

Price x Volume	Volume	Base Symbol	Related Pairs
15,339,224.48	9,079,257.55	SUI	SUIEUR	SUIGBP	SUIBTC

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