Sui (SUI) price showed a strong recovery in the past few sessions as it cleared the $3.00 resistance zone. The bulls are now aiming for a move toward the $4.50 resistance level, but a short-term correction could not be ruled out.
SUI price is trading in a strong uptrend and there are more chances of gains if the bulls can protect the key support at $2.20. The price action in the past few weeks suggests that the bears are active and any further decline could open the door for a steep fall.
However, the overall trend remains bullish and there are more chances of gains if the bulls can push the price above the $3.80 resistance zone. A clear move above this level could set the pace for a rally toward the $4.50 resistance level.
On the other hand, if the bears break the $2.20 support level, then the price could decline and test the next support level at $1.719. A break below this level could lead to a further decline and the price could test the $1.00 psychological support level.
In the short term, the price of SUI could move in either direction, but the overall trend remains bullish and there are more chances of gains if the bulls can protect the key support levels and push the price higher.
Technical analysis by Benzinga
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