Will SUI price cross the $5 milestone as bulls prepare to challenge the overhead trendline in the 4-hour chart?
The SUI token has increased by 4.24% over the past 24 hours, reaching the $4.50 psychological mark. With a market cap of $13.24 billion, the recovery hints at a potential bull run before the end of 2024.
Will this recovery lead to a price jump beyond the $5 milestone? Let’s find out.
SUI Price Analysis
Currently, the SUI token is trading at $4.5370 with an intraday pullback of 3.66%. This marks a bearish exhaustion after the overnight recovery of 9%. The surge last night created a bullish engulfing candle to complete a morning star pattern.
This resulted in a 24-hour high of $4.75. In the 4-hour price chart, the SUI token showcases a bullish dominance at the local support trendline, resulting in two consecutive engulfing candles.
The recovery run breached the 50% Fibonacci level but failed to sustain the bullish dominance. With three consecutive bearish candles, the minor intraday pullback creates a triple black crow setup.
This breaks under the 50% Fibonacci level and is heading to challenge the 50 EMA line at $4.42. Furthermore, it puts the $4.50 psychological mark at risk and warns of another retest of the local support trendline.
SUI Network Nears $2B in TVL
During the overnight recovery, the SUI network surpassed the $1.75 billion valuation in the total value locked over this month. Currently, it is sitting at $1.782 billion, witnessing a 12% surge over the last 30 days.
SUI’s stablecoin market cap is nearing the $400 million mark and is currently at $388.72 million. Meanwhile, the 24-hour volume stands at $409.28 million. With the improvement in numbers, the SUI network TVL is nearing the $2 billion milestone, reflecting network growth.
SUI Price Targets
Using the trend-based Fibonacci levels, the short-term pullback in SUI targets a potential retest of the 38.20% Fibonacci level at $4.20. However, the constant support at local support levels and the underlying demand hint at a potential run to the $5 psychological milestone.
Furthermore, the rising channel pattern showcases a bullish potential to reach the overhead trendline near the 78.60% Fibonacci level at $5.71. Hence, despite the short-term pullback and the broader market volatility, the underlying potential for SUI reveals an upside of nearly 30%.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
