SUI, a prominent cryptocurrency, is currently making waves with its steady recovery and growing network activity. Trading at $4.5370, the token has shown resilience, fueled by an overnight recovery and a bullish market structure.
With the total value locked (TVL) in the SUI network approaching $2 billion, the big question is whether the price can hit the much-anticipated $5 milestone.
Current Price Overview
SUI’s recent performance highlights a mix of bullish momentum and short-term pullbacks. After a 9% surge overnight, the token briefly reached a 24-hour high of $4.75 before retreating.
The bearish exhaustion resulted in an intraday pullback of 3.66%, forming a triple black crow pattern on the 4-hour chart—a bearish signal.
Key highlights from the SUI price chart include:
- Bullish Momentum: Consecutive engulfing candles at the local support trendline indicate strong demand.
- Fibonacci Levels: The price breached the 50% Fibonacci retracement but failed to sustain above it, signaling a potential retest of lower levels.
- Immediate Support: The $4.50 psychological mark and 50 EMA at $4.42 are critical for maintaining bullish momentum.
TVL Growth and Network Metrics
SUI’s network growth further supports its bullish case. The total value locked (TVL) has surged to $1.782 billion, marking a 12% growth over the last 30 days. This rise is indicative of increasing investor confidence and network utility.
| Metric | Value |
|---|---|
| TVL | $1.782 billion |
| Stablecoin Market Cap | $388.72 million |
| 24-hour Trading Volume | $409.28 million |
The stablecoin market cap, nearing $400 million, and a robust trading volume of over $409 million add to the network’s strength. With this growth trajectory, SUI’s TVL could cross the $2 billion milestone, further bolstering investor sentiment.
Price Targets and Technical Outlook
The trend-based Fibonacci levels provide insights into SUI’s potential price movements:
- Short-term Pullback: A retest of the 38.20% Fibonacci level at $4.20 is possible if bearish sentiment prevails.
- Upside Potential: If bullish momentum resumes, SUI could challenge the $5 psychological resistance, with further potential to reach the 78.60% Fibonacci level at $5.71.
Additionally, the rising channel pattern observed in SUI’s price chart suggests a bullish structure, with a potential 30% upside from current levels if broader market conditions remain favorable.
Risks and Challenges
While SUI’s prospects are promising, risks remain. The bearish EMA crossover and the formation of the triple black crow pattern highlight the possibility of further short-term corrections.
Broader market volatility and failure to maintain key support levels, such as $4.42, could hinder its upward trajectory.
The Road to $5
SUI’s path to $5 hinges on maintaining its current support levels and breaking past the $4.75 resistance. With growing TVL and network metrics pointing to strength, the bullish case remains intact.
However, market participants should watch for a retest of $4.20, which could provide an attractive entry point for a potential breakout to $5 or beyond.
