SUI Pulls Back After Bullish Rally, Analyst Shares Next Support To Watch

Sui Network’s native SUI token went on an immense run recently, surging from around $0.50 to hit a yearly high of $1.66. However, according to analyst Teshkid, the party looks to be ending for SUI after such a parabolic advance.

Teshkid notes SUI is breaking down after losing the key $1.50 support level. He sees potential for an extension of the pullback towards the next support zone at the golden pocket between $1.34 and $1.26. Failing to hold above this demand area could open the floodgates for a deeper correction towards the psychological $1.00 handle.

On the other side, trader Trade Byte spots a bullish reversal pattern emerging on SUI’s chart in the form of a morning star formation. If bullish momentum returns, Trade Byte anticipates SUI rebounding +12% back up to $1.69 resistance.

Zooming out, SUI has been on a tear over the past month, gaining over 80% during the last 30 days. However, downward pressure has built up more recently, with SUI losing nearly 5% over the past week.

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The cooling off in price aligns with the drop in TVL of SUI to $495 million. This is after the total value locked on the network peaked at around $500 million but has since fallen back below this threshold. Profit-taking after such vertical appreciation also remains a factor.

In conclusion, viewing SUI’s crucial support and resistance levels objectively, the area spanning $1.25–1.35 stands out as the line in the sand in terms of bullish continuation or bearish invalidation.

A decisive break lower could confirm an exhaustion top is in place and extend losses. Conversely, a double bottom and bounce from this zone keep hope alive for traders targeting a renewed rally towards $1.69 and beyond.

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Rene Peters
Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.