The SUI price is drawing attention after the network faced several outages over two days, raising concerns about reliability. The disruptions briefly stopped transaction processing and affected DeFi activity.
Despite these issues, some market watchers believe the SUI price still holds its long-term structure as it trades near a key support level.
Whale Factor, a crypto analyst, said that the Sui price had experienced three outages in two days. He pointed out that such a pattern may halt DeFi operations and create liquidity issues, adding that Ethereum’s resilience over time can be taken into consideration.
Source: X
The data collected from May 28-30 indicated that the majority of the transactions took place from shared objects and that those involving owned objects remained close to zero.
The network throughput varied from 50 to 70 transactions per second but went past 100 on some occasions. Nonetheless, the transaction processing slowed down to zero transactions on both May 28 and 29, creating some issues with stability.
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SUI Price Defends Major Support Zone
Despite the focus on infrastructure issues in discussions, technical analysis continues to take into account the whole chart.
According to Celal Kucuker, the SUI price is approaching an important level of support, and he believes that the configuration has great potential in the long term. The SUI price is currently trading within an upward trend channel on the weekly chart.
The bottom border has been providing support in previous cases, while the top has been capping any gains achieved in the prior trend movement. Currently, the important range for support remains between $0.81 and $0.97, where the ascending trend line intersects with previous demand.
As long as the SUI price remains above this range, the bullish outlook remains unaltered. However, a break below the level of $0.81 will hurt the positive outlook.
Source: X
SUI Price Targets $3.87, $7.33, and $18
The following are some of the upside target levels identified by analysts through their examination of the long-term channel. The first level where the SUI price could rise to is $3.87. At this point, there was previous resistance.
To get here would translate to a potential gain of 377%. In case momentum continues, the next level could be reached at $7.33, the top part of the rising channel. Beyond this, the highest target could be set at $18.47.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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