According to the insights shared by crypto trader @DaCryptoGeneral, the price of SUI is currently exhibiting aggressive upward movement, approaching a significant resistance level. The trader notes that the price is poised to flip the $2.2 level, setting a target of $4.5 for the short to mid term
The recent chart for SUI/USDT on Binance highlights a strong uptrend, with the price rising sharply from approximately $0.40 in June to its current price of $1.53. This aligns with @DaCryptoGeneral’s observation of the aggressive price action
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Key Resistance Level and Price Target
The trader identifies $2.2 as a critical resistance point, which the price is nearing. The chart indicates that once this level is reached, there could be a minor retracement before attempting a breakout. @DaCryptoGeneral believes that flipping this level is crucial, as it would potentially convert it into support for further upward momentum.
Following a successful breakout above the $2.2 resistance, the trader projects a bullish move towards a target of $4.5. The chart’s upper horizontal line aligns with this projection, indicating a future resistance point. The dotted line on the chart visualizes a potential upward trajectory, suggesting continuation after surpassing $2.2.
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Short-Mid Term Outlook
The trader’s forecast for the short-to-mid-term target of $4.5 is supported by the bullish trend evident in the chart. The current price action suggests that a healthy rally could persist, contingent upon breaking the pivotal $2.2 resistance level.
Additionally, SUI has recently cleared a descending trendline, which further confirms the bullish sentiment following a breakout in August
DaCryptoGeneral outlines a cautious accumulation strategy, advising to add a small amount at the current market price (CMP) while reserving larger purchases for after the breakout.
This strategy reflects the trader’s view that $2.2 is a crucial level, and they are waiting for confirmation before committing additional funds. A successful breakout from this resistance is anticipated to attract increased buying volume and momentum
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