SUI token is now showing signs of recovery from the drastic fall from its all-time high (ATH) on March 27. The Defi coin still is undervalued as its market cap stands at just 27 Billion USD.
However, SUI has now gained investors’ attention with an increase in its network activity. The Daily active address jumped from 960K to 1.2 million in one day, the Dex Volume dupped from $82M to $32M. However, the TVL for the SUI network remains the same at around $718 M.
SUI price at the time of writing is $1.12 with a 24-hour change of 3.83% and moved up by 11.6% in the past week. There is a neutral sentiment as of the current market trend, however, the long-term sentiment looks bullish at the price of SUI coin could hit $1.9 to $2.5 by the end of 2024.
SUI Token Analysis
The 4-hr chart of SUI/USDT anticipated the support low at $1 and $0.98, wherein the resistance is plotted at $1.17. The Price is trading above all the mid-term, and long-term moving averages.
A little deeper side analysis shows the SUI price trading and the super trend Line indicating a bullish trend. The Money Flow Index (MFI) reading at 77 shows the price approaching overbought territory and might face slight correction after a slide up.
Will the SUI Price Pump?
Yes, the SUI On the long-term trend is bullish about its increasing network activity, buyers’ attention, and in favor of technicals.
If the $1 critical support level is compromised the SUI may find rest at the $0,9 zone, marking another term of undervaluations and a buying opportunity. If buyers continue the same energy the asset is likely to flip $ $1.16 resistance into support and more optimistically it can aks reclaim its ATH of $2.14.
With the overall market trend, SUI in the short term may face slight rejection and trade sideways for a while but the long-term trajectory is Bullish.
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