SUI Rises 8% Amid Market Retrace, Will The Joy Be Short-Lived?

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SUI showed a remarkable performance on Friday amid the market retrace. Following Bitcoin’s drop to the $55,000 mark, the cryptocurrency was among the many few tokens showing green numbers with an 8% surge.

The token’s performance, alongside the network’s developments, has fueled a bullish sentiment amongst investors. Nevertheless, some analysts remain cautious of the cryptocurrency, warning that the enjoyment may very well be short-lived.

SUI Surges As Top 100’s Largest Each day Gainer

SUI was amongst the most effective performers throughout August, registering 50% surges amid the market downturns. The cryptocurrency’s resilience last month was fueled by several aspects, including network updates, large over-the-counter (OTC) bids, and “strong holdership through big unlocks.”

Furthermore, crypto asset manager Grayscale launched its investment trust, Grayscale SUI Trust, based on the cryptocurrency. Because of this, the token’s bullish momentum propelled the value toward key levels not seen since mid-June.

Since then, SUI has moved inside a multi-month accumulation zone between the $1.2-$0.57 price range, holding the lower range as a key support area. Throughout August, the token retested the $1 resistance level several times, ultimately failing to reclaim it as a support level.

As September began, SUI’s price crashed by 23% on account of the market volatility, momentarily losing the $0.75 support zone. Nevertheless, the cryptocurrency consolidated above this level again because the week progressed.

After successfully reclaiming support on the $0.8 level, the token surged 8% on Friday morning. Its price moved toward the $0.088 mark, registering green numbers in most timeframes. SUI is currently the most important gainer among the many top 100 cryptocurrencies, with a 6.3% increase within the last 24 hours.

The token also displays an 8.5% and 36.8% jump within the weekly and monthly timeframes. This performance fueled a bullish sentiment amongst investors and market watchers.

Will SUI’s Rally End Soon?

Crypto analyst Alex Clay highlighted SUI’s performance previously month, remarking its movements between the mid-zone and key support zone inside the “greater accumulation range.”

To the analyst, the cryptocurrency’s price could goal the $1.8 resistance level soon if it breaks above the $1.2 mark. Moreover, Clay believes the bullish momentum could drive the value to the mid and long-term targets of $3.3 and $5, although he considers these “conservative targets.”

Yuriy, one other crypto trader, identified that SUI broke out of its two-week range after today’s jump. The cryptocurrency’s chart displays a bullish flag formation, and a breakout may very well be attempted if the token consolidates above the present levels.

SUI breaks out of the buildup range and targets a possible surge to $0.97. Source: Yuriy on X

Per the post, if SUI holds above the $0.84 support zone, the token’s next resistance level could be the $0.97-$1.02 range. A breakout above the $1 mark could potentially spark an enormous pump for the token. Nevertheless, failing to carry the important thing support zone may lead the value to a 15% to twenty% drop.