SUI Holds Key Support as Analysts Track a Move Toward $5 Resistance

SUI is currently trading at $1.88, reflecting a 4.81% drop over the past 24 hours. Market activity has slowed, with trading volume falling by 16.82% to $1.62 billion. The decline indicates reduced buying pressure during the latest market session.

SUI has been exhibiting a good upward trend in the past week, though the pullback has been short-term. The price of the coin has been up 30.15% in that period. Such a weekly influx keeps the market’s attention and reinforces interest in SUI’s performance.

Source: CoinMarketCap

Analyst Crypto Patel highlighted whether it is realistic to have a long-term SUI target of $20. He observed that SUI is in a high-timeframe accumulation zone in the weekly chart. This area was created as a result of a significant correction in the 2024 highs. He outlined the existing market structure as one that was reaccumulative.

Strong Demand Zone Supports SUI’s 45% Rebound

Patel added that a liquidity sweep through the recent lows had already been made. He indicated the presence of a powerful weekly bullish block between $1.50 and $1.30. He further mentioned that the equal value gap coincides with the equal demand zone. These factors are contributing to the overall structure of the existing technical configuration.

He said that SUI has already paid off a 45% bounce on the proposed entry range. Patel came up with an addition that the increasing channel structure continues to exist over longer periods. In his opinion, the larger price movements indicate a bullish trend. He has set target moves of $5, $10, and $20.

Source: X

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He stated that as long as SUI trades above $1.20, bullishness will prevail. Patel reminded traders that they had already stuffed the preferred entries at $1.50 and $1.30. Those levels generated returns on the short-term swing positions. He termed the arrangement appropriate for patient spots and swing traders. It would be invalidated by a weekly close of less than $1.20.

Key Breakout to $2.02 Puts SUI Back in Focus

Analyst Umair Crypto mentioned that SUI had forced 20% into $2.02, having broken out of the previous range. This action hit the 100-day SMA and the highest volume profile point. He pointed out that this surge follows a significant decline on October 10.

Umair stated that this is the first significant action in almost 100 days. He has said that the change has put the token back in the spotlight. He further added that continuation requires stability in prices. The fluctuation zone of $1.70 to $1.78 will have to be sustained. The trendline on RSI should also remain intact.

Source: X

He pointed out that cryptocurrency is among the most robust Layer-1 within the past 24 hours. He explained that increasing volume favors the recent revival. The expansion creates momentum for the move. It indicates that the response is not arbitrary.

Also Read: SUI Signals Trend Reversal; Bullish Momentum Suggests $8 Price Target