📊 Trading Guidance for SUI
Key Levels to Monitor:
Support: $3.51 and $2.70
Resistance: $4.64
Short-Term Outlook:
Analysts suggest that if bullish momentum persists, $SUI
could approach the $4.64 target in the coming days or weeks. However, traders should be cautious of potential pullbacks toward the $3.40–$3.20 region, which could offer reaccumulation opportunities.
Long-Term Perspective:
Price predictions indicate a potential rise to $4.54 by May 6, 2025, and possibly reaching $11.79 by the end of May, contingent on market conditions and continued positive developments.
⚠️ Considerations for Traders
Token Unlock: Be aware of the upcoming release of 74 million $SUI tokens on May 1, which could introduce volatility.
Regulatory Developments: Monitor the progress of the ETF approval process, as regulatory decisions can significantly impact market sentiment.
Market Dynamics: Stay informed about broader market trends and news that may influence SUI's price movements.
Conclusion:
The filing of a SUI ETF by 21Shares marks a significant milestone, potentially enhancing the token's accessibility to a broader investor base. Coupled with the growth in SUI's DeFi ecosystem, these developments present promising opportunities for traders. However, it's essential to remain vigilant and consider market dynamics when making trading decisions.
