Sui price shows signs of a potential rally after a recent downturn. The broader crypto market recovery fuels optimism, with SUI attempting to regain lost ground. A strong rejection at lower levels suggests renewed bullish interest, but resistance levels could determine whether the asset surges past $5 or faces another pullback.

Analyst Forecasts SUI Price Recovery Toward $6.5 Target

Crypto analysts predict a potential bullish breakout for Sui after it reached a key support level and bounced off the 100-day moving average (MA100). The asset also recorded its lowest RSI since August 2024, signaling a near-complete reset that could pave the way for upward momentum. This technical setup suggests that top altcoin found a strong foundation for its next leg up.  

With market sentiment improving, the analyst maintains a $6.5 price target, expecting a rebound from current levels. If buyers step in, SUI could see further upside, aligning with Fibonacci retracement levels that indicate a potential rally continuation. 

Source: X

Will SUI price Soar or Sink?

At the time of writing, the SUI price is trading at $3.67, reflecting a 1.37% decline over the last 24 hours. The cryptocurrency hovers just above a critical support zone near $3.65, with significant resistance levels at $4.00 and $4.50.

The 4-hour chart indicates a bearish momentum, as the MACD histogram shows a negative crossover. The MACD line has dipped below the signal line, further signaling potential downward pressure. Meanwhile, the RSI sits at 34, indicating oversold conditions but leaving room for further downside.

The immediate support lies at $3.65; a decisive break below this level could lead the price toward $3.00. On the flip side, if the SUI price prediction manages to reclaim $4.00, the next target would be $4.50, followed by the psychological level of $5.00.

Sui Price Chart: TradingView

Sui TVL Surges Amid DeFi Growth

The Sui price continues to gain momentum, reflecting an impressive surge in Total Value Locked (TVL) to $1.639 billion. This milestone underlines the blockchain’s rapid growth, as shown by cumulative data from DeFiLlama. Sui’s TVL rise emphasizes increased user activity and a growing ecosystem of decentralized applications (dApps).

DeFiLlama’s chart reveals a consistent upward trend in Sui’s TVL throughout 2024, peaking near the year’s end. The steady growth indicates strengthened market trust and expanding adoption across decentralized finance (DeFi). The blockchain’s performance aligns with broader market dynamics, highlighting its competitive position in the industry.

Source- DefiLiama

The Sui price action remains uncertain, hinging on key support and resistance levels. A breakout above $5 could validate bullish momentum, while a failure risks renewed selling pressure.

The post Will Sui Price Rally Above $5 or Face a Selloff? appeared first on CoinGape.

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Filed under: News - @ January 28, 2025 9:21 pm