- Coinbase now allows New York residents to buy, sell, and trade Sui (SUI) seamlessly on its platform.
- Technical indicators like MACD and RSI suggest a potential short-term rebound.
- Analysts highlight a potential price target near $1.90 if support holds strong.
Sui (SUI) is riding a wave of strong upward momentum, with a surge in its price due to changing market conditions. The token is currently trading at $1.61, marking a surge of 21.01% over the last 24 hours.
However, the data from Coinbase Markets shows that Sui (SUI) is now officially available to New York residents on Coinbase, including Coinbase.com and the iOS and Android apps. This listing allows users in one of the most regulated U.S. markets to buy, sell, and trade SUI seamlessly. The move marks a key milestone as the token expands its reach to mainstream investors.
Known for its high-speed, developer-friendly layer-1 blockchain, Sui could see increased adoption across the state. Coinbase’s compliance with New York regulations ensures safe and secure access for local users. This expansion highlights both Coinbase’s commitment to regulated crypto access and Sui’s growing presence in the U.S. market.
Also Read: Sui Price Analysis: Can SUI Recover From Its Downtrend and Rally to $20?
SUI Technical Outlook Points to a Potential Bounce
The chart displays that since mid-October, there has been a constant downturn in the price, moving below the 20-period moving average and the lower Bollinger Band. Although it accelerated a recovery at the end of November from a low of approximately $1.12 to above $1.59, which indicates a likely bounce, with the Bollinger Bands being sufficiently wide.
Source: TradingView
There is a hint of a change in momentum, as the MACD line is approaching the signal line with a positive histogram. The RSI is moving from below 30 to approximately 34.89, as the selling pressure is easing. But the overall downturn will be over only once the mid Bollinger Band is broken above at approximately $1.90.
SUI Could Bounce Above $1.60 if Support Holds Strong
Additionally, the crypto analyst, Ali, highlighted that SUI is currently testing a strong support level that may dictate its future course. Analysts say that sustaining this level is crucial for sustaining positive sentiment. Failure to do so will likely trigger further sell-offs. This is one level traders closely monitor, as this area is identified as a critical point that will fuel near-term sentiment.
Source: Ali
If this support holds, SUI may quickly target the $1.60 level, which may indicate a strong comeback. Successful targeting of the level may draw more attention from both individual and institutional investors. Analysts indicate that breaking through the $1.60 barrier may also offer a psychological boost, as this may further enhance positive sentiments for the future course of the token.
Also Read: Sui (SUI) Price Outlook: Strong Support at $1.55 Could Ignite a Run Toward $10
