In the times when the crypto markets were facing massive sell-offs in the first few days of the month, the SUI price displayed strength and consolidated within a narrow range. This indicated the market participants were bullish on the crypto and as a result, the token formed a new ATH. Now that the price is just 12% away from its highs, there are huge probability of maintaining a bullish continuation until it forms a new ATH. 

In a major update, the SUI hits a major milestone, surpassing 6 billion transactions regardless of a $400 insider selling allegation. Besides, SUI is gaining a significant share in terms of social activity, even though Solana remains the most dominant. Currently, the SUI price is holding above the $2 support zone, targeting the resistance at $3 as the token remains within a bullish structure. 

In the short term, the SUI price continues to trade within a rising channel and is consolidating along the lower support. Although the volume has dropped, the strength of the rally remains elevated as the stochastic RSI initiated a bullish divergence. This suggests the token may eventually rise and reach the interim resistance between $2.25 and $2.28. With this, the token may complete a double-bottom pattern and reach the neckline, where the bulls are required to demonstrate some strength. 

This short-term move is expected to offer a strong boost to the SUI price in the long- -term, paving the way for the token to head towards a new ATH. 

The SUI price in the daily time frame has completed a recovery curve and, after a failed attempt, is heading back within the resistance zone. The RSI has triggered a bullish divergence but is stuck within a bearish trend. Therefore, a continued upswing beyond $2.13 may invalidate the bearish trend of RSI which could push the prices higher. Therefore, the upcoming weekend could be crucial for the SUI price rally, as a price rise may revive hopes of a new ATH while a rejection could attract a pullback below $2. 

Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0

PRC Comment Policy

Your comments MUST BE constructive with vivid and clear suggestion relating to the post.

Your comments MUST NOT be less than 5 words.

Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.

Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.

Constructive REPLY to comments is allowed