Sui Network (SUI) appears to be in the midst of a relief rally, after SUI pushed up +30% over the last week – but with upper trendline resistance stalling upside momentum – is it too late to buy SUI?
The relief rally comes amid a four-month tumble, which has so far seen a 70% decline since Sui Network launched on May 3.
However, while the SUI token has struggled to perform in a choppy market climate, the new layer-1 (which aims to deliver higher-speed smart contracts) has seen constant growth and development within the ecosystem.
Indeed, over the last week Sui Network’s total value locked has grown by +26% in testament to the developers deeply committed to building out the emerging ecosystem.
SUI Price Analysis: Is it Too Late to Buy Sui Network?
As prices push-up, Sui Network is currently trading high in the channel, with SUI’s market price standing at $0.59 (representing a 24-hour change of -1.36%).
The relief rally has seen a strong display of technical support, with a double-bottomed structure – first establishing footing at the lower trendline and then establishing a second support at the $0.50 price level.
This provided a brilliant launchpad for SUI to leap +24% this week, reclaiming its position atop the 20DMA in the process.
With price now saddling the 20DMA – a moving average that suppressed price action since July 23 – SUI could now have the footing it needs to mount a serious upside move.
But SUI isn’t in the clear just yet; the $0.65 price level is critical to surmount first – an area that has displayed tough resistance in the past.
SUI’s indicators reflect this lack of clarity, with the RSI heating up from oversold to neutral at 51 on the recent bounce – this could signal a need for a brief period of consolidation above the 20DMA.
However, the MACD continues to reflect the bullish technical structure at 0.0073, suggesting upside pressure could resume.
Overall, with a strong technical structure, all eyes are on $0.65 – will SUI break above the upper trendline and reclaim this price level or crumble under tough resistance? Only time will tell.
In the meanwhile, to the upside, SUI is facing a target at $0.66 (a potential +11.6%).
To the downside, a tumble here would likely catch support from the 20DMA at $0.56 (a possible -5.25%).
This leaves Sui Network with a risk: reward ratio of 2.23 – a strong entry dependent on a key resistance test.
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