SUI Price Consolidation Near $1.80: Is a Bullish Breakout on the Horizon?

• SUI’s recent $24.3 million inflow highlights strong investor interest, surpassing Solana and Ethereum.
• With key support around $1.80, SUI is positioned for a possible rise to $2.1 short-term and a $10 target long-term.
• The growth in active addresses, now over 26 million, reflects increasing adoption and user engagement in the SUI network.

SUI, a layer-1 blockchain asset, has garnered significant attention. With a recent net inflow of $24.3 million, surpassing popular assets such as Solana and Ethereum, investor interest in SUI appears to rise. 

CryptoMan, an analyst in the crypto community, noted that SUI is consolidating around key technical support, setting the stage for a possible breakout. 

According to his 4-hour chart analysis, SUI’s price oscillates between downsloping resistance and horizontal support near $1.80, suggesting a potential shift in market momentum.

Source: CryptoMan

CryptoMan’s recent analysis highlights consolidation within a tight price range, often seen as a precursor to a price move. He suggests that SUI’s price may rise to $2.1 soon, possibly reaching $4 by the end of the year if market conditions align. 

For long-term potential, analysts speculate that the SUI price could reach as high as $10, a level supported by growing investor interest and heightened network activity.

SUI’s Price Movements: A Look at the Recent Volatility

As of press time, SUI has risen by 22.15% in price, standing at $654.12 million, indicating considerable trading activity around current price levels. 

With a market capitalization of approximately $5.26 billion and a fully diluted valuation of $18.49 billion, SUI’s volume-to-market cap ratio of 12.44% signals substantial liquidity and trading interest, supporting the possibility of a price breakout.

Source: CoinMarketCap

Recent trading has seen SUI’s price fluctuate within a narrow range. The price briefly touched $1.92 earlier in the day before adjusting downward, ending near $1.849. This price volatility may reflect speculative trading around SUI’s potential price movement, driven by current market sentiment and recent inflows.

Technical indicators on Binance’s daily candlestick chart provide further insights into SUI’s price trajectory. The Moving Average Convergence Divergence (MACD) indicator shows a potential bearish crossover as the MACD line approaches the signal line from above. This trend often indicates weakening momentum. 

Source: TradingView

Meanwhile, the Relative Strength Index (RSI) is at 47.30, slightly below the neutral threshold of 50, hinting at a moderate bearish sentiment. If the RSI continues to decline, it could signal further downside potential for SUI in the short term.

Rising User Engagement and Network Growth Boost SUI Ecosystem

SUI’s recent increase in active addresses, surpassing 26 million, underscores the asset’s growing adoption and network engagement. 

This rise in active addresses signifies increased interest in the SUI ecosystem, which could positively impact the token’s long-term outlook. Strong network growth generally correlates with greater user adoption, further validating the optimism surrounding SUI’s projected growth.