Sui Price has succeeded in keeping support for $ 3 during his recent downtrend, which forms a bullish pattern that indicates a potential recovery of more than $ 5.
Summary
- Sui Price has fallen almost 20% compared to the High van Augustus.
- New partnerships and ecosystem developments position SUI for a bullish rally.
According to data from crypto.news, the token of the SUI (SUI) has fallen by 5% for the past 24 hours. Trading at $ 3.34 at the time of writing, SUI has remained under pressure in recent weeks, a decrease of approximately 19.7% compared to the peak of August of $ 4.16.
The token was in a downward trend, because on 1 August and 1 September it had to deal with pressure from large token, each released around 44 million tokens, worth around $ 159 million and $ 143 million respectively.
The added offer seems to have reduced the appetite of investors, with open interest with 30% since the end of July and the financing rates are sliding of 0.0615% in July to 0.0099%, according to CoingLass data.
Although the sui price remains under pressure from such large token -releases, a few recent developments around the ecosystem can offer the headwind that are needed for a potential recovery in the coming weeks.
Firstly, Sui Group Holdings, a publicly traded holding company that specializes in acquiring and managing sui tokens as its core treasure holiday, recently took over another 20 million Sui tokens. This pushes its total possession to 101.8 million sui, with a value of more than $ 344 million at the current market rates.
While the company continues to collect Sui, it reduces the circulating delivery, creating scarcity that can support the token print gains.
Another factor that could feed SUI’s profit has lately the ongoing growth in the Defi industry. Per facts From Defillama, the total value locked in Defi protocols on the Sui Blockchain rose to $ 3.5 billion from the moment of the press, an increase of $ 3 billion just two months ago.
Furthermore, the SUI team recently to collaborate With blockchain analyzes and compliance platform TRM Labs to bring leading risk and compliance tools to the network. This could improve the security for builders, settings and users, which may make it possible to renew interest from investors.
At the graph of 1 weeks, Sui has been acting since the start of the year within an increasing triangular pattern. The structure is defined by a horizontal resistance line and a rising support trend line, which indicates the pressure of the construction price.
From the moment of the press, Sui trades near the lower trendline at $ 3.10, which serves as a crucial level of support. A rebound from this zone could act as a springboard for a movement to $ 4.30, in accordance with the upper limit of the pattern.
A decisive outbreak above that level would open the road for a rally up to $ 6.89, the projected target based on the height of the pattern, which represents nearly 106% at the current levels.
Conversely, if Bearish Momentum persists, a breakdown under the lower trend line could cause a decrease to $ 2.31, the next important level of support.
Publication: This article does not represent investment advice. The content and materials on this page are only for educational purposes.
