The post SUI Bounces Back from The Lows, Eyes Fresh Gains appeared on BitcoinEthereumNews.com.

SUI, the native token of the Layer-1 blockchain built on the Move programming language, is capturing the spotlight with a recent surge in buying interest. After reaching an impressive high of price $2.36 SUI/USDT on Gate.io, on October 12, SUI faced a cooling period, dipping and trading at $1.75 SUI/USDT by October 25. However, the latest momentum suggests this downtrend may have only been temporary, as SUI has bounced back to $2.06, signaling a potential comeback in the making. Market analysts and traders closely watch SUI as it attempts to regain its footing and possibly re-enter a bullish channel. This channel, which had previously supported SUI’s price action, represents a pathway for future gains if the asset can successfully break above resistance levels. SUI’s activity increasingly suggests that its recent dip was a bear trap, where a price decline misleads sellers into expecting further losses only to reverse, catching them off guard. With a 39% surge in trading volume over the past day and technical indicators like the Relative Strength Index (RSI) trending upward, SUI shows renewed strength. The question remains: will SUI continue to capitalize on this bullish momentum to reach new highs, or will resistance hold it back? In this article, we’ll break down the current indicators, analyze the technical patterns, and explore what might be next for SUI in the days ahead. SUI Bulls Attempt to Regain Control Analyzing SUI/USD’s 1-day chart reveals the token is attempting to re-enter its ascending parallel channel, which it briefly exited on October 22. This upward-sloping channel indicates a bullish trend as long as the asset remains within it, moving between two parallel lines. A drop below this channel, followed by a re-entry attempt, often signals a potential trend reversal. SUI’s current move suggests that its earlier exit might have been…

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Filed under: News - @ January 7, 2025 9:27 am