SUI posts double-digit gains as markets rebound, is $3 back in sight?
After several consecutive days in the red, the SUI token is showing signs of recovery as a sharp price rebound renews bullish sentiment.
SUI ( SUI ), the native token of the Sui layer-1 blockchain, has been on the rise in recent hours, posting roughly 15% in fresh gains. The rally marks the end of a month-long losing streak that saw the token break key support levels and drop to new lows.
At press time, SUI trades around $2.79, marking a strong recovery from the week’s low of $2.45. The rebound in the native token is not isolated and comes as investor sentiment improves across the broader crypto market amid easing geopolitical tensions.
SUI’s price chart |Source: crypto.news
While Bitcoin ( BTC ) and other major altcoins have led the market uptick , SUI stands out as a strong performer, posting double-digit gains that put it roughly 17% above its lowest point this month.
From a technical perspective, the native token is entering a crucial phase. SUI has been in a strong downtrend for the majority of this month and recently hit a low of $2.29, a price that hasn’t been seen since April.
Since then, the price has recovered slightly and is now resting at $2.79, a price right on the edge of the trend lines that can be seen on the chart. If the price continues to go up and goes above the $3 mark, there is the likelihood of a market reversal and increased upward momentum.
SUI’s market trend |Source: TradingView
After that, the next challenge will be to cross the Target 1 price, which was the last local high that was seen during the current downtrend, and the Target 2 price will be the subsequent challenge.
On the flip side, if momentum stalls, the first level to watch is $2.70, where a local low recently formed. A drop below this area could signal a strong bearish pressure and potentially send the price to the $2.39 low.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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