Sui (SUI) price has registered a double-digit rally over the past week, reaching the critical resistance barrier of $1.80. This week saw a minor profit booking, and the altcoin paused the bull rally. It was stuck around the $1.70 mark.
Since the beginning of this month, the SUI price has increased. Also, a triple-digit surge of over 110% has been recorded. However, the altcoin reached the critical hurdle of $1.80, and technical indicators replicated the overbought signal. This led to investors’ fear.
Due to a lack of follow-up on buying this week, the SUI price consolidated in a tight range and displayed flat moves. Despite flat movements, it stays far away from the key EMAs, and a golden crossover was noted on the chart, which indicates a bull rally ahead.
SUI Price Prediction: Will SUI Break its ATH Level?
The weekly timeframe analysis indicated that SUI crypto had surpassed a significant block of $1.50. It was primed to break its ATH mark soon.
Fueled by the sharp volume surge over the past week, SUI gained immense momentum. The token crossed the previous four months’ high trajectory, displaying a speculative move and rising investor interest.
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SUI Price by TheCoinRepublic on TradingView.com
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Meanwhile, a minor profit booking could be seen due to the overbought readings. The daily timeframe outlook shows that the SUI price could see a retracement. It may retest the $1.50 mark in the coming sessions.
The altcoin could continue the bull rally once a higher low formed around the $1.50 mark ahead. At press time, SUI was trading at $1.69, noting an intraday surge of over 1.89%.
@Zet4retucli, in his post, said that SUI crypto has made a local top. There could be a pullback toward the $1.50 level next.
The Relative Strength Index (RSI) saw a negative divergence. It suggested a profit booking could be seen next, noted around 74. SUI price is now at risk of slipping down from the top and could see a retracement ahead.
The Klinger Oscillator readings displayed the blue line slipping below the green line. It is a sign of a shift in momentum, conveying a signal of profit booking ahead.
Technical Indicators Data |Â Source: Coinalyze
However, the Chaikin Money Flow (CMF) reading still displayed a positive value of 0.19. This means that significant liquidity was entering the market.
SUI’s TVL Hits ATH: What Does It Mean?
Alongside the triple-digit price surge this month, SUI crypto’s Total Value Locked (TVL) hit ATH, $951.73 Million.
TVL Data |Â Source: DeFiLlama
This significant rise in TVL means more users are locking their funds in SUI’s protocols. It indicated rising confidence in the ecosystem. Going forward, the futures Open Interest (OI) dropped over 5.40% to $446.99 Million. This signified a short covering move in the past 24 hours.
The immediate support zones were $1.58 and $1.50. On the other hand, the upside barriers were around $1.75 and $1.90.
