After several consecutive days of declines, the $SUI token is showing
Signs of recovery, where a sharp price rebound renewed positive sentiment.
SUI ($SUI ), the native token of the Sui layer-1 blockchain, has seen a surge in recent hours, posting fresh gains of nearly 15%. This rise marks the end of a month-long losing streak, during which the currency broke through key support levels and fell to new lows.
At the time of publication, the $SUI token is trading at around $2.79, registering a strong rebound from its weekly low of $2.45. The native token's recovery does not come in isolation, but rather with improved investor sentiment in the broader cryptocurrency market amid receding geopolitical tensions.
SUI Price Chart
While Bitcoin (BTC) and other major altcoins led the market rally, #SUI stood out as a strong performer, registering double-digit gains, pushing it about 17% above its low for the month.
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Technically, the native digital currency is entering a crucial phase. SUI has seen a strong downtrend for most of this month, recently hitting a low of $2.29, a price not seen since April.
Since then, the price has recovered slightly and is now settling at $2.79, a price that sits on the edge of trend lines that can be seen on the chart. If the price continues to rise and exceeds the $3 level, the market trend is likely to reverse and bullish momentum will increase.
SUI market trend
Next, the next challenge will be to exceed target price 1, the last local peak recorded during the current downtrend, and target price 2 will be the next challenge.
On the other hand, if momentum stalls, the first level to watch is $2.70, where a local bottom recently formed. A drop below this level may indicate strong bearish pressure and could push the price to the $2.39 bottom.
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