Home Altcoins News SUI Price Targets All-Time High Recovery After 10% Correction

SUI Price Targets All-Time High Recovery After 10% Correction

Sui price

SUI, the cryptocurrency that recently achieved an all-time high (ATH) of $5.36, has experienced a 10% correction, bringing its price down to $4.58 in the past two days. Despite this pullback, the altcoin remains in a position to recover, supported by strong market conditions that could set the stage for a new ATH in the near future.

Positive Market Sentiment

One of the key factors contributing to SUI’s recovery prospects is the positive funding rate, which has remained positive for the past ten days. This reflects optimism among traders, who continue to bet on a price recovery despite the recent dip. The funding rate is a critical indicator, signaling strong trader support and a belief in the altcoin’s potential for a rebound.

This positive sentiment highlights that, despite the 10% correction, SUI retains a solid foundation for a recovery. Traders and investors remain optimistic about the asset’s future, underpinned by favorable market conditions and a strong community backing.

RSI and Buying Pressure

Looking at the technical side of things, SUI’s Relative Strength Index (RSI) remains above the neutral 50.0 mark, which is a sign of continued buying pressure. Although the RSI has experienced slight downticks, these movements have not been substantial enough to trigger significant bearish momentum. The index’s sustained position in bullish territory suggests that there is still steady buying interest, which could support the price and prevent further declines.

As long as the RSI holds above 50, it is likely that SUI will maintain a positive trajectory and could recover its recent losses. This gives traders confidence that the asset could reach its previous ATH or even surpass it if momentum continues to build.

SUI Price Levels to Watch

At the time of writing, SUI’s price is hovering at $4.58, just above its immediate support level of $4.35. In order for the bullish outlook to remain intact, the cryptocurrency must reclaim the $4.79 support level, which it briefly lost during the recent correction. If SUI can recover this level, it would strengthen the argument for a potential price surge back to its ATH of $5.36.

Should SUI break through this resistance and reclaim its previous ATH, the next goal for the cryptocurrency would be to push even higher. If SUI continues to experience upward momentum, a new all-time high could be within reach, fueled by ongoing positive sentiment and buying pressure.

Risks of Further Declines

However, there are risks to the bullish outlook. If SUI were to fall below the $4.35 support level and approach $4.05 or lower, it could signal a bearish reversal. Such a decline would likely shake trader confidence and potentially trigger increased selling pressure. A sustained break below these support levels could challenge SUI’s recovery prospects and put the asset in a more precarious position.

Conclusion

Despite the recent 10% correction, SUI remains well-positioned for a potential recovery. With a positive funding rate and a steady RSI above 50, the cryptocurrency could bounce back and target its all-time high of $5.36 once again. Traders will be closely watching key support levels, particularly $4.79, as the cryptocurrency attempts to reclaim its bullish momentum and push toward new highs. However, a drop below $4.35 could signal further downside risk, so market participants should monitor price action closely.

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dan saada

Dan hold a master of finance from the ISEG (France) , Dan is also a Fan of cryptocurrencies and mining. Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9

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