Sui Network Surpasses $600M TVL Mark – SUI Price Expected to Hit $1
An examination of Sui [SUI] revealed positive indicators in the short term, suggesting a potential 9% upward movement. The Total Value Locked (TVL) within the network has exceeded $600 million, sparking optimism among investors.
Users of the network are likely to be impressed by the rapid transaction speeds, with the increasing values indicating a growing trust in the token. However, there are challenges ahead for those holding SUI in the long run.
Break in Bearish Trend Signals a Possible Retracement
On August 10th, the daily chart structure turned bullish as SUI crossed the $0.902 mark, reaching $1.11, nearly revisiting the resistance level from May. Subsequently, the token experienced a slight pullback.
By the end of August 31st, the market structure had shifted bearishly, hinting at an imminent retracement phase. The $0.9-$0.93 range is anticipated as a short-term target before potential further declines.
The daily RSI stood at 49.9, indicating neutral momentum, but turned bearish post-structural shift. Moreover, the OBV failed to sustain the peak levels achieved in August.
This suggests a lack of confidence among traders regarding a continuous rally. The forthcoming target levels following Fibonacci retracement are at $0.6 and $0.712.
Spike in Spot CVD Supports Anticipation of Price Rebound
Recent days witnessed a price rebound from $0.75 to $0.83 along with a surge in Open Interest by around $20 million.
This surge implies that speculators are inclined towards long positions on SUI, with hopes of generating profits.
The upturn in spot CVD within the last 24 hours indicates a probable bounce towards the local resistance zone at $0.9. However, the response of bulls upon hitting this level remains uncertain.
Disclaimer: The views expressed are not intended as financial, investment, trading, or any form of advice, but are a representation of the author’s personal perspective.