SUI Token Analysis
The SUI token has started showing signs of recovery from its drastic fall from its all-time high (ATH) on March 27. Despite the decline, SUI remains undervalued with a market capitalization of just 27 Billion USD.
However, SUI has garnered investors’ attention with a significant increase in its network activity. The Daily active address jumped from 960K to 1.2 million in just one day, while the Dex Volume grew from $82M to $32M. Additionally, the TVL for the SUI network remained steady at around $718 M.
The current price of SUI at the time of writing is $1.12, with a 24-hour change of 3.83% and a 11.6% increase in the past week. There is a neutral sentiment in the current market trend; however, the long-term sentiment is looking bullish, with the price of SUI expected to hit $1.9 to $2.5 by the end of 2024.
A closer analysis of the 4-hr chart of SUI/USDT reveals the anticipated support level at $1 and $0.98, whereas the resistance is plotted at $1.17. The price is currently trading above all mid-term and long-term moving averages.
Moreover, the super trend Line indicates a bullish trend, while the Money Flow Index (MFI) reading at 77 shows the price approaching overbought territory. A slight correction might be imminent after this uptrend.
Will the SUI Price Pump?
Yes, the SUI token’s long-term trend appears to be bullish, driven by its increasing network activity, buyers’ attention, and in favor of technicals.
If the $1 critical support level is compromised, SUI may find resistance at the $0.9 zone, marking another term of undervaluations and a buying opportunity. If buyers continue to energize the market, the asset is likely to flip the $1.16 resistance level into support and potentially reclaim its ATH of $2.14.
With the overall market trend, SUI may experience a slight rejection and trade sideways in the short term but the long-term trajectory is expected to remain bullish.
Conclusion:
In conclusion, the SUI token has shown signs of recovery, driven by increasing network activity, buyer attention, and favorable technicals. Although there may be short-term correction, the long-term sentiment remains bullish. This provides a promising outlook for investors considering a long-term position in SUI.
FAQs:
Q: Is SUI undervalued?
A: Yes, SUI is currently undervalued, with a market capitalization of just 27 Billion USD.
Q: What is the current trend for SUI?
A: The short-term trend is neutral, but the long-term sentiment is looking bullish, with the price of SUI expected to hit $1.9 to $2.5 by the end of 2024.
Q: What are the technical indicators for SUI?
A: The 4-hr chart shows support levels at $1 and $0.98, resistance at $1.17, and a bullish trend confirmed by the super trend Line. The MFI reading at 77 indicates the price approaching overbought territory.
Q: Can SUI reclaim its ATH of $2.14?
A: If buyers continue to energize the market and the $1.16 resistance level is flipped into support, it is possible that SUI could reclaim its ATH.
