Can the SUI cryptocurrency continue to pump? Technical analysis of the SUI of October 18, 2024

Bounce on 2 dollars to conquer a new ATH?

It is Friday October 18, 2024 and the SUI price is around 2 dollars.

Sui is a layer 1 blockchain that is based on the foundations of technologies developed by Meta/Facebook. It uses the Move language for the development of its smart contracts and has a parallelized architecture, offering exceptional scalability potential.

The project has experienced significant growth in recent weeks and hype certain. The value of the token increased significantly, going from $0.47 on August 5, 2024 to $2.36 on October 13. A remarkable performance since it is the best progression among the largest capitalizations in the ecosystem over the period.

Now in 23rd position in the ranking of cryptocurrencies, with $5.69 billion in market capitalization for only 28% of its supply in circulationthe SUI project still seems to attract the attention of investors. SO, where are we technically on the SUI token?

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More volatility expected for SUI crypto?

The SUI token is still in an impulsive bullish phase. In recent days, it has managed to cross $2, continuing on its way to a new historic high on October 13, 2024 at $2.35.

Since its ATH, reached only 4 days ago, the SUI has consolidated around 2 dollars, a psychological and historical level which could be a major pivot for the rest of the movement.

On a daily basis, the price action nevertheless shows a need for delay. The upper Bollinger band is weakening, with an RSI which, at the same time, reveals bearish divergences.

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If no bullish continuation scenario can be excluded in view of the strong trend displayed by SUI, the probabilities tend more favorably towards a consolidation which would allow digestion of the last movement.

The Fibonacci retracement from the August 5 low to the October 13 high reveals several areas of interest:

• The zone to be protected to maintain the current dynamic is emerging at the confluence of the 0.5 retracement, the daily low Bollinger band and the 50-day moving average: between 1.40 and 1.50 dollars;
• The 0.382 retracement in confluence with the historical zone in green around 1.60 dollars is also interesting to monitor in the idea of ​​a relaunch of the impulsive movement;
• Finally, the area drawn in blue above the 0.236 Fibonacci retracement at $1.91 is support above which we could see a reaccumulation phase taking shape that could offer a particularly explosive resolution.

In any case, on a weekly basis, the Bollinger bands are well open, which suggests that medium-term volatility could continue to be part of the price action.

As the charts currently stand, the SUI token seems to be moving favorably towards a bullish continuation scenario towards $4. This scenario could develop particularly quickly if consolidation above $1.91 is confirmed, thus structuring a retest of the exit zone of an accumulation phase of several months.

SUI token price graph on a daily basis

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In summary, the SUI token remains one of the strongest tokens in the crypto market. Crossing the psychological level of $2 is a significant step forward towards a goal of $4. It will nevertheless be necessary to maintain a high consolidation to envisage a continuation of the price action towards new peaks.

So, do you think SUI can continue to outperform the crypto market? Don't hesitate to give us your opinion in the comments.

Have a nice day and we’ll see you next week for a new technical analysis of altcoins.

Sources: TradingView, Coinglass, Glassnode

Analyst at Cryptoast Research for several years, I carry out in-depth monitoring of the crypto market to analyze the next narratives while keeping an eye on the financial markets.

Emmanuel Lazaro

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