SUI price fell from $1.01 to $0.81 in the past four days, registering a 20% loss. The current market consolidation following Bitcoin wavering around $60000 could continue to hurt SUI holders with a high momentum downfall. Will the correction be prolonged, or can buyers have an opportunity to counterattack?
SUI Price Signals $1 Comeback Amid Major Developments
The first half of August showcased a bullish outlook for SUI price following Grayscale’s announcement of a new SUI trust fund.
Andrew Kang, the founder of Mechanism Capital, recently hinted at potential developments for SUI that could further its recent success. While the tweet emphasizes that he has no direct knowledge of specific events, he points to several factors that suggest something significant might be on the horizon for the token.
These include Raoul Pal’s involvement through advisory roles, large over-the-counter (OTC) bids, and a solid holdership despite substantial token unlocks. Additionally, Kang highlights aggressive price action without a significant pullback and a recent performance upgrade with Mystceti, which could open the door to new and innovative applications.
No knowledge of anything actually happening but combination of the below leading me to bet that there’s some interesting developments upcoming for $SUI
1. Raoul pal shill thread while he sits on advisory board
2. Large OTC bids
3. Relatively strong holdership through big unlocks… https://t.co/bTtIhHVRHw— Andrew Kang (@Rewkang) August 11, 2024
These elements combined point towards an intriguing future for SUI, with potential for continued momentum.
SUI Price Hints Post-Breakout Rally
On August 8th, the SUI price gave a decisive breakout from the resistance trendline of a channel pattern. The two parallel trendlines, dynamic resistance, and support, have led to a steady correction in the daily chart for the past four months.
The post-breakout rally pushed the coin price to $1.117 high before pulling back to $0.83, stabilizing the market cap around $2.16 billion. This downswing is testing support at the 20- and 50-day Exponential Moving Averages (EMA). Holding this support will indicate a change in market sentiment from selling-on-rallied to buying-on-dips.
With sustained buying, the SUI price could rally 40% to challenge the resistance of $1.17, followed by an extended rally to $1.114.
However, this altcoin trading below the 200-day EMA indicates a broader trend as bears. A potential bearish crossover between the MACD (blue) and signal (orange) will accelerate the selling pressure in the market.
A bearish breakdown within the channel range will invalidate the bullish and may plunge the asset 16% down to hit support at $0.617.
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