- SUI emerges as top gainer of the day as crypto market trades sideways.
- Pro crypto trader links SUI’s price movement to key horizontal resistance.
- SUI token reached $2.16 during its first day of trading but suffered a controversial launch.
SUI, the alternative cryptocurrency launched by the Sui Foundation on May 3rd, 2023, is defying the volatile conditions of the whole crypto market this Wednesday. After weeks of struggling to stay in the TOP 100 by global market capitalization, Sui Foundation’s native token fetched 11% gains.
Symbolically, the SUI blockchain has recently reached a milestone of 1 billion transactions, while SUI’s official website reveals the freshly-forged blockchain’s goal of onboarding 1 billion people to crypto. Currently, the chain has a market cap of $420 million. Like rival network Aptos, the Sui blockchain also utilizes the Move programming language to provide greater scalability.
In spite of trading in a descending triangle for the last 3 months, $SUI triggered a bullish divergence yesterday. The healthy bounce back from an all-time low comes at a time that’s been unfavorable for most established altcoins, perhaps supported by the newcomer’s growing usage statistics, which just crossed 600,000 daily active users.
Can SUI Reclaim $1? Pro Trader Weighs In
Indeed, the fresh altcoin Sui (SUI) broke through its long-term resistance line at $0.5483 and now trades at $0.581809, according to CoinGecko. With the 6.9% daily uptrend, $SUI became the top gainer of the day. However, crypto trader World Of Charts presented a chart to his X audience that illustrates a solid setup for a bull run to $1.
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According to World Of Charts, $SUI did manage to breakout from trend line resistance levels, while also touching crucial horizontal resistance, which transpired during the 3-month descending triangle price movement for $SUI. The key horizontal resistance was broken to reach the current $SUI market price, meaning that the trader’s projected 56% bull run gets more ground to stand on.
On the Flipside
- SUI token has often been targeted by on-chain sleuths, who claim that SUI Foundation has unevenly distributed the tokens on launch, making it susceptible to price manipulation.
Why This Matters
SUI token is one of the most watched newcomers in crypto this year.
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