- The asset is currently retesting a crucial level that will determine whether it experiences a significant market rally or not.
- Liquidity flows and demand continue to remain high across the market.
After a period of decline on the charts, SUI seems to be showing signs of regaining strength, with a 4.23% increase in the last 24 hours.
The potential for a major rally is high, but it hinges on market momentum and the asset’s ability to break through a key resistance level. Here is AMBCrypto’s analysis of how SUI might react at this level.
Bullish Trend Emerging for SUI
SUI is displaying another bullish trend on the chart, forming a price pattern typically associated with a rally.
Currently, SUI is attempting to surpass two resistance levels – the descending resistance line and the horizontal resistance at 2.2271. If successful, the asset could surge by 130% to $5.1, a level it last reached in January of this year.
Source: TradingView
If the bulls maintain control and the green histogram bars continue to rise, SUI is likely to break through its resistance and rally.
Furthermore, there has been an increase in liquidity inflows, as confirmed by the Money Flow Index registering a value of 64.49 in the positive zone. This trend indicates growing capital inflows – a historical signal for a potential rally.
Strong On-chain Retention
On-chain retention for SUI remains robust, with both new and returning users showing elevated activity.
Source: Artemis
SUI’s usage is expected to rise further, as it recorded the highest amount of stablecoin deployment among all chains in the last 24 hours – totaling $60 million.
In conclusion, these positive developments enhance the likelihood of SUI experiencing significant growth and adding more market value than before.