SUI coin price has behaved exactly as mentioned in my last week’s analysis. The price retested the $1 level as I predicted and had a strong rebound. The latest analysis shows that there is one key level on the chart that the bulls need to reclaim to unlock a massive upside.
On Tuesday, cryptocurrencies are trading sideways as BTC price tries to gain strength above $27,000. Consequently, most cryptocurrencies are trading sideways. SUI coin slid by 0.17% on the second day of the week as the price pulled back from Monday highs.
When we last covered the SUI network, it had a total locked value of $22 million. The network TVL has soared to $35 million since then. This translates into a 60% increase within just five days. This also suggests that the activity on the SUI blockchain has increased since last week. This could be one of the reasons behind a strong bounce in SUI coin price.
According to DeFi Llama, Cetus is currently the biggest dapp on the blockchain with $28.37 million TVL. This is followed by decentralized exchanges Turbos and BlueMove with $5.7 million and $755,973 TVL, respectively. This shows that more than 98% of the TVL is concentrated in just the top 3 dapps.
It is quite evident from the following SUI crypto chart that the price is struggling to break above the $1.245 resistance level. This resulted in a pullback yesterday due to a failure to take the swing high on the 4H chart. Nevertheless, I expect another retest of this level this week.
A break above $1.245 level will make the SUI coin price prediction very bullish. In such an event, the first target for the bulls will be the 1.50 level which is a major swing high on the 4H chart. However, another rejection from the $1.245 resistance may result in a retest of the recent lows that lie close to $1. This will also open the doors for targets higher than $2.
In the meantime, I’ll keep sharing updated outlook on the SUI network in my free Telegram group that you’re welcome to join.
This post was last modified on May 16, 2023, 09:09 BST 09:09