SUI Price Struggles at $2.26, But Analyst Predicts a 121% Surge
- SUIs price stabilized near $2.20 after a prolonged downtrend, potentially signaling a reversal.
- Analyst Carl Moon predicts a 121.24% rally, with a target of $5 if momentum aligns.
- SUIs network activity surged, with 4.11 million new accounts and $1.295 billion in TVL.
After months of downward movement, SUI, the native token of the Sui blockchain, has broken a long-standing descending trendline. On April 2, analyst Carl Moon pointed out that the asset, which had been in a continuous decline since mid-January 2025, stabilized at a horizontal support near $2.20. The prolonged downtrend saw it making lower highs and lower lows before it found stable footing.
Carl Moon emphasized that this support level had proven resilient multiple times, indicating a strong base for a potential reversal. It seems $SUI has found decent horizontal support to have a potential bounce from, he noted. If trading volume and sentiment align in favor of the asset, a bullish resurgence could be on the horizon.
His analysis projects an ambitious upside, predicting that it could rally toward the $5 mark, a 121.24% increase from its current price. Meanwhile, analyst AMcrypto noted that, Good to see utility coins showing strength, as its overall bullish for the markets. However, he tempered expectations by adding, For those who are expecting a new ATH, it wont happen until SUI breaks above $2.9.
Indicators Point to Potential Downside for Sui
At the moment, Sui is trading at $2.26, down 7.52% over the past 24 hours and nearly 14% for the week. This downward trend is fueling concerns about a potential drop below the key psychological support level at $2.
Adding to the bearish sentiment, the 100- and 200-day Exponential Moving Averages (EMA) continue their downward trend after a recent death cross. If the 100-day EMA crosses below the 200-day EMA, it could trigger a fresh sell signal for traders. Furthermore, the Moving Average Convergence Divergence (MACD) and signal lines are nearing a bearish alignment, signaling potential downside movement.
From a Fibonacci retracement perspective, the tokens price could soon test the $2.00 support level, which acted as a strong foundation last month. If the token manages to hold this level, an upward reversal might take place, challenging the 23.60% Fibonacci level at $3.21. However, the 200-day EMA, positioned near $2.86, could act as a mid-level resistance before any significant recovery unfolds.
SUIs Network Sees a Surge in Activity
Beyond price movements, SUIs blockchain ecosystem is showing signs of strength. According to data from DeFiLlama, the total value locked (TVL) in SUIs decentralized finance (DeFi) sector has grown to $1.263 billion as of April 3. This indicates renewed investor confidence in the network despite broader market uncertainties.
Additionally, its decentralized exchange (DEX) trading volume has skyrocketed, reaching $361.94 million. The networks app revenue has also climbed to $136.03K, signaling increased usage. All these metrics point to a thriving ecosystem that is attracting new users and liquidity.
On April 2, the blockchain recorded a massive influx of new users. Data shows that 4.11 million fresh accounts were created in a single day, pushing the total number of accounts to 120.47 million. Daily active accounts surged to 3.15 million, reflecting growing engagement.
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Read more: https://www.tronweekly.com/sui-price-struggles-at-2-26-but-analyst-predicts-a-121-surge/
Text source: TronWeekly
