Sui is an extremely performant Layer-1 blockchain tailored to support decentralised apps and asset usage at scale and speed. At press time, the coin is trading at $0.96 with an increase of 1.63% over the past 24 hours.
Technical Structure Points to Potential Upside Breakout
According to the data from TradingView, SUI has gone through an accumulation phase defined by its consolidation in a small price range of $0.94 to $1.02 (on a daily timeframe). This narrow price range suggests that both buyers and sellers have come into balance and indicates that a major price move may be imminent (amongst the buyers or sellers).
Additionally, the fact that the coin is currently trading below its 200-day moving average (MA) indicates that caution exists towards the broader market; however, this price consolidation may be the start of a significant breakout above the 200-MA, signalling a shift toward a stronger bullish trend.
The RSI is at approximately 53, which shows relatively neutral/bullish momentum with potential for further upward movement. Moreover, while prices do not appear to be either overbought or oversold, there still appears to be potential for continued upward price movement within the coin based on this technical analysis.
If it breaks through resistance at $1.02 and holds above this price on a sustained basis, we can expect that the coin price levels will be in the $1.10 range with increases of between 10% to 12%; however, if sustained breaks do not occur, then the price will likely revert back to its range-bound price pattern.
Also Read: Coinbase Shifts Prediction Markets Lawsuit to Federal Court
Hashi Update Strengthens Institutional Narrative
Recent updates from the Sui Network regarding a new product called Hashi, a decentralised primitive for bringing institutional Bitcoin finance into its network, create more optimism around the Sui Network as a long-term platform for utility and adoption.
The secure credit mechanism employed allows users to access Bitcoin-focused financial products and services without leaving the network.
In general, SUI combines a strong tech structure with improved fundamental factors. If the continued increase in buying pressure continues into early 2022, the breakout above $1.02 may provide potential for significant upward movement by that time.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Volo Protocol Confirms $3.5M Sui Vault Exploit, Moves to Cover Losses
