$SUI
🚨 Technical Analysis: Signals Point to a Bullish Scenario 🚨
Despite a scheduled token unlock on May 1, releasing approximately 88 million SUI tokens worth around $350 million, the price resisted downward pressure. Instead, demand absorbed the new supply, allowing SUI to break out of a bullish pennant pattern and retest the $4 resistance level — a key SUI resistance level.
Technical indicators validate the bull argument. A “golden cross” event, where the 21-day exponential moving average (EMA) crossed above the 200-day EMA, suggests potential for long-term momentum upward. In addition, the Moving Average Convergence Divergence (MACD) records a bullish crossover, and the Supertrend indicator lights good support below present levels, validating the likelihood of further increase.
Crypto analyst Michaël van de Poppe reacted to the development:
“Clear breakout of the downwards pattern, strong move upwards, and clearly in an upwards trend. Aside from that, the ecosystem keeps on delivering with constant new projects launching and thriving, +TVL constantly rallying upwards. Probably going to be a big winner during this cycle.”
