Sui Network Soars 10% in 24 Hours: Is It Too Late to Buy?

• Sui Network (SUI) appears to be in the midst of a relief rally, with a +30% rise over the last week.
• This comes amid a 4-month decline which has seen its market price drop by 70%.
• The technical indicators are suggesting upside momentum, however the $0.65 price level is critical for SUI to break out from its current trendline resistance.

Sui Network on the Rise

Sui Network (SUI) appears to be in the midst of a relief rally, with a +30% increase over the last week. This marks an upturn for SUI after 4 months of decline that saw its market price drop by 70%.

Total Value Locked Growing

The new layer-1 (which aims to deliver higher-speed smart contracts ) has seen constant growth and development within the ecosystem – evidenced by Total Value Locked (TVL) growing by +26% in the past 7 days. TVL now stands at $22.91M and includes 5 DEXes, 3 Lending Protocols, 1 Options Vault and 1 Derivative product amongst its top 10 gainers.

Technical Analysis: Is it Too Late?

As prices push up, Sui Network is currently trading high in the channel – with SUI’s market price standing at $0.59 (representing a 24-hour change of -1.36%). The double bottomed support structure has provided an ideal launchpad for SUI’s recent surge but whether or not it can break out from trendline resistance will depend on how well it performs above the 20DMA ($0.65).

Indicators Reflect Uncertainty

SUI’s indicators reflect some degree of uncertainty; with RSI heating up from oversold to neutral at 51 on this recent bounce and MACD reflecting bullish pressure at 0.0073 – suggesting upside pressure may resume. It is worth noting that this area ($0.65) has displayed tough resistance in the past and so further consolidation may be required before any more confident predictions can be made about breaking out from trendline resistance above this level.

Conclusion

With strong technical structure and bullish indications mounting, all eyes are now on $0.65 as potential entry point for SUI entering into new territory above trendline resistance – however buyers should proceed with caution until further confirmation takes place above this crucial level

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