Bullish Breakthrough Pattern Forming:
After rebounding from the $3.10 support level, SUI is currently testing the resistance around $3.50. The descending wedge breakthrough pattern suggests a potential short-term rise to the $4.00-5.00 range.
Investor Confidence Recovering:
The selling pressure from recent token unlocks has eased, and as buyers cautiously return, trading volume is increasing, indicating renewed market interest.
Ecosystem Development Prospects:
The upcoming integration of sBTC on the Sui network has boosted market sentiment, which will enhance its DeFi utility and potentially drive price increases.
The Sui network (SUI) is a Layer 1 blockchain focused on speed, scalability, and security, utilizing a unique consensus mechanism, parallel transaction processing, and Move smart contract language to support high-performance dApps.
Price Trend:
The current trading price is $3.40, with a market cap of $11.4 billion. It has performed impressively since launch, reaching an all-time high of $5.35 in January 2024, with a 210% increase over the past year. After a healthy pullback due to market-wide adjustments and profit-taking, SUI has stabilized in a narrow range, with buyers gradually returning.
Price Prediction:
SUI is currently rebounding from the $3.10 support level, testing resistance around $3.50. Market analysts are focusing on a typical descending wedge breakthrough pattern and its successful retest. If momentum is maintained and market conditions are favorable, it could likely rise to the $4.00-5.00 range in the short term.
Market Sentiment and Development:
Investor sentiment for the Sui network is beginning to warm up. Although recent token unlocks initially triggered a selling wave, the market has stabilized. Selling pressure has reduced in recent days, and trading volume is recovering as buyers cautiously enter.
In terms of development, Sui is preparing to integrate sBTC, which will allow DeFi applications on its network to use Bitcoin securely and scalably. This upcoming integration further improves market sentiment, creating conditions for Sui to regain momentum in the coming weeks.
Future Outlook:
Overall, with improved sentiment after unlocks, positive technical signals, and upcoming significant ecosystem updates, SUI is poised for a rebound if market conditions remain favorable.
