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Ahmed Barakat
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Sui The crypto has gained 37% in the past 7 days, the biggest drop in the broader crypto market as Bitcoin rose slightly above $82,000 in a major economic boost.
The movement of SUI prices is not a charity meeting, it is driven by two motivations: institutionalization which has pushed the TVL network to new features, as well as protocol upgrades that enable zero-fee stablecoin transfers that will renew the power of DeFi liquidity on the network.
The central difficulty of this story is enough. The participation of Sui Group Holdings has increased the buying pressure at a time when the free float is being pressured by the aggressive doors, and the combination is creating a movement in the price of the shares from the limited funds.
Whether this change can lead to a new rate hike – or a big return once the incentives are in place – is the question that traders are keen to answer.
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Can SUI Crypto Price Go Above $1.20 After 37% Breakout?
SUI has been at $1.2692 on the daily chart, and the movement that occurred in the last few sessions cannot be ignored, the price started from $0.85 to $0.90 base and rose to $1.35 in what seems to be a near straight candle from the additional months low.
Most of the stories are brutal. SUI fell from $ 4.40 at the peak of July to $ 0.63 in the wick of the February capitulation, losing on 85% of its value, and has been grinding hard between $ 0.85 and $ 1.10 for most of March and April before the emergency.
The $1.30 to $1.40 levels are now the immediate test because that’s where the support was during the crash from November to December, and the price is right after the spike, which is where the sellers from that time look to get out.
Holding above $1.30 and the next resistance means around $1.80 to $2.00, and above $2.40 as the long-term distribution area begins.
The concern with this move is the same as always: it needs to cool down and retry before continuing, and a return to $1.00 to $1.10 per retry can be useful in setting up.
The base is solid, the explosion is real, but the speed of the movement means that the chase here has a risk and the repetition of the rest area is a clean entry if the setup works.
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