SUI Price Demonstrating Strength: May Undergo a 10x Rally to Rise above $4 in 2024
The post SUI Price Demonstrating Strength: May Undergo a 10x Rally to Rise above $4 in 2024 appeared first on Coinpedia Fintech News
In the times when the crypto markets were facing massive sell-offs in the first few days of the month, the SUI price displayed strength and consolidated within a narrow range. This indicated the market participants were bullish on the crypto and as a result, the token formed a new ATH. Now that the price is just 12% away from its highs, there are huge probability of maintaining a bullish continuation until it forms a new ATH.
In a major update, the SUI hits a major milestone, surpassing 6 billion transactions regardless of a $400 insider selling allegation. Besides, SUI is gaining a significant share in terms of social activity, even though Solana remains the most dominant. Currently, the SUI price is holding above the $2 support zone, targeting the resistance at $3 as the token remains within a bullish structure.
In the short term, the SUI price continues to trade within a rising channel and is consolidating along the lower support. Although the volume has dropped, the strength of the rally remains elevated as the stochastic RSI initiated a bullish divergence. This suggests the token may eventually rise and reach the interim resistance between $2.25 and $2.28. With this, the token may complete a double-bottom pattern and reach the neckline, where the bulls are required to demonstrate some strength.
This short-term move is expected to offer a strong boost to the SUI price in the long- -term, paving the way for the token to head towards a new ATH.
The SUI price in the daily time frame has completed a recovery curve and, after a failed attempt, is heading back within the resistance zone. The RSI has triggered a bullish divergence but is stuck within a bearish trend. Therefore, a continued upswing beyond $2.13 may invalidate the bearish trend of RSI which could push the prices higher. Therefore, the upcoming weekend could be crucial for the SUI price rally, as a price rise may revive hopes of a new ATH while a rejection could attract a pullback below $2.
