This post was originally published on Coinspeaker
Despite Sui’s strong performance, upcoming token unlocks could introduce volatility.
The Sui Network (SUI), a prominent layer 1 blockchain, is gaining considerable traction amidst a widespread market downturn.
This growing interest is reflected in its Total Value Locked (TVL), which recently surpassed the $600 million mark, signaling the network’s increasing prominence.
Price Action and Market Signals
Sui’s increasing TVL directly impacts its market performance. The SUI/USDT trading pair recently broke through a downward trend channel on the hourly chart, signaling a potential shift in momentum. This breakout suggests the onset of a bullish trend, with the price testing upper resistance levels. Analysts indicate that a confirmed breakout could pave the way for sustained gains.
The volume oscillator and notable movements in 4-hour candles reinforce this optimistic outlook, hinting that momentum may favor further upward movement. For traders, the $0.80 level offers a strategic entry point, with projections suggesting a rise to $1, presenting a substantial return on investment. However, if the price drops below $0.74, traders may need to reassess their strategies, as this could challenge the bullish scenario.
Credit: TradingView
Market Sentiment and Key Levels
Open interest data reveals critical market zones. Traders have shown varied
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