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• Entry: $2.83 – $2.85
• TP1: $2.87
• TP2: $2.91
• TP3: $3.00
• SL: $2.78
While the broader cryptocurrency market continues to show a bearish trend, the Sui blockchain stands out as a prominent contender, with thriving on-chain fundamentals and a bullish technical structure indicating it may be poised to lead the next major upward wave in the market. The stark contrast between the massive growth of the network ecosystem and its currently stable price has drawn the attention of top market analysts.
Sui emerged from the remnants of Diem, Facebook's ambitious project, and quickly established itself as a leading tier-one platform, driven by its unique architecture that allows for remarkable scalability and a seamless user experience.
Core strength: significant increase in on-chain metrics
The main argument for the potential
In its clear growth on-chain. Total value locked (TVL) and transaction volume in Sui continue to reach new record levels. This steady growth on-chain indicates ongoing engagement from developers and users.
Furthermore, the ecosystem is experiencing rapid expansion, garnering attention from analysts and investors alike. Michael van de Poppe, a cryptocurrency analyst, highlighted Sui's rapid development as a key reason to closely monitor the project.
Main technical areas and market structure
On the technical front, several analysts provided detailed analyses. Naveed points out that Sui's stock price is adhering to a major demand area near $2.39. This could indicate the beginning of a bullish reversal.
If the price breaks the resistance level of $2.85 and holds, a shift in market structure is likely. This move could push the price towards the mid-range at $3.83. Further breakout could push it into the supply area at $4.31, allowing for a potential increase of 44.43%.
Related topics: Sui stock price forecast: Sui looks to break the $3.30 level
However, the range of $3.58 - $3.64 continues to form a significant resistance barrier. Failure to hold above the support area of $2.39 could invalidate this scenario and lead to further declines. Currently, the price hovers just above this critical support, making the $2.85 level the key level to watch.
Building momentum and technical patterns
Crypto Bullet strengthens bullish expectations with its latest analysis. It indicates that Sui rebounded from the 365-day exponential/moving average levels in March and April. This was followed by a move towards its medium-term price target.
The price is testing the same moving averages again, forming a descending wedge pattern. Historically, this pattern often leads to bullish breakouts. It is believed that this is where Sui may reach its low before recording a new all-time high.
Summary: Is there a gap between price and value?
At the time of writing this report, Sui's stock price is $2.81, marking a 2.79% increase over the past 24 hours. The weekly drop of 14.29% contrasts with a significant 24-hour trading volume exceeding $808 million.
Related topics: Sui stock price: How far could it go after being listed on NASDAQ?
With a circulating supply of 3.4 billion, its market cap stands above $9.5 billion, affirming its strong position among the best-performing tier-one blockchains.
