SUI went against the grain and rose 10%. Is the $1.50 mark achievable?

SUI price dropped below previous highs

The price of SUI has been decreasing since January 15th (red icon), when it reached a peak of $1.45 (red icon), just shy of the all-time high set in May. Following the decline, the token reached a low of $1 on January 22nd.

Since then, the price has been rising and confirming the 0.382 Fibonacci retracement level (green icon) as support. It also formed a bullish candle the next day.

Source: TradingView

The daily relative strength index (RSI) is supportive of the current rebound. It bounced off the neutral 50 mark at the same time as the price, indicating a bullish move.

What analysts are saying

Most crypto traders and analysts on the X platform are optimistic about SUI’s future. Nihilus believes that the price will rebound and reach $1.50.

30-minute SUI/USDT chart. Source: X

KriyaDEX has a positive view of the project ecosystem:

“DeFi Sui is thriving. From lending to DEX, the ecosystem offers a variety of opportunities: expected airdrops, points, $SUI issuance and much more!

SUI forecast: where to go next

The six-hour timeframe cannot confirm the direction of the trend. The chart shows that SUI has broken the descending resistance line that has been present on the chart since the previous high.

However, the asset is currently trading within the resistance confluence area around $1.23, which is formed by the 0.5 Fibonacci retracement level and the horizontal resistance area.

The six-hour RSI supports a bullish breakout as it rises above 50 (green icon). However, the direction of the SUI trend cannot be confirmed until the price behavior in this area of resistance convergence is observed.

Source: TradingView

A successful bullish break of the $1.23 resistance could potentially lead to a 15% increase to the next resistance level at $1.42. Conversely, a rebound could result in a 12% drop to the $1.10 resistance line.

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