SUI Defies Bear Market With 15% Rally, Is A Return To $1 Imminent?

Best Owie

2 years ago

2 mins read

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Over the last 24 hours, SUI has put on a tremendous rally and has risen over 15% in this time period. With this rally, the altcoin has moved once more into bullish territory, which begs the question of whether SUI would be on its way back to $1 soon.

SUI Crosses $0.7 After Rising Over 15%

SUI returned to its bullish trend on Monday with a sharp recovery that saw its price rise quickly. The resulting surge in price saw the digital asset’s price rise above $0.7 after touching as low as $0.5 on Saturday. This over 15% rise also saw the altcoin dominate as one of the top gainers for the day.

SUI now contends for the top gainer spot with the likes of Luna Classic (LUNC) which has seen some significant upside over the last week, as well as FTM and XRP, which are being propelled forward by the release of the Hinman documents.

The rise in price comes at a time when most of the market is still nursing loss with Bitcoin barely holding on to the $26,000 level. As such, this suggests some level of deviation on the part of the altcoin from the general market trend, which could point toward more upside to come.

Is The Race To $1 Back On?

Following its much-anticipated launch back in May 2023, the price of SUI traded well above the $1 price mark even as presale participants were able to sell their coins at a huge markup. However, the digital asset quickly lost footing above this level and dropped back down rapidly.

SUI struggles to hold $0.7 | Source: SUIUSD on TradingView.com

The bear market brought on by regulatory headwinds affected the altcoin, sending it on an over 50% plunge over the course of two weeks. This saw its price fall to a new low of $0.5 last week before rallying back up above $0.7 on Monday.

With this latest rally, it is possible that SUI could retest the $1 resistance but that depends on whether the bulls are able to keep momentum going. At the time of writing, the bears have already begun to take over the reins as SUI’s price has lost the $0.7 support.

Its market cap is fortunately 53% higher compared to the previous day which suggests there could be higher demand for the altcoin. However, it could also point toward selling pressure, which would explain the reversal over the last several hours. Nevertheless, bulls must reclaim and hold the $0.7 support if SUI is to make a return to the $1 level.

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from iStock, chart from TradingView.com

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