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

Rubmar Garcia

9 months ago

3 mins read

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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.

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.

SUI breaks out of the accumulation range and targets a potential surge to $0.97. Source: Yuriy on X

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.

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.

SUI’s performance in the biweekly chart. Source: SUIUSDT on TradingView

Featured Image from Unsplash.com, Chart from TradingView.com

Rubmar Garcia

Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.

From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.

In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.

At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.

After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.

Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies –or her favorite memes.

In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.

She also has a passion for learning new languages and cultures, having set the goal to learn another six languages – currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.

In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.

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