- SUI was up +150% from early August lows.
- Network growth has slowed slightly in the past few days.
Sui [SUI] has pushed forward with recovery, up over 150% since early August lows of $0.5. So far in September, the L1 network has hiked 60% and reclaimed $1.2, a previous resistance in Q2/Q3, and might signal another bullish next leg up.
In fact, according to crypto analyst Raoul Pal of Real Vision, SUI was primed for a massive takeoff on the price charts. The analyst cited SUI’s recent breakout above long-term trendline resistance and the SUI/SOL ratio.
In short, he suggested that SUI could print an explosive run higher than SOL.
SUI price prediction: Are more recovery gains likely?
Source: SUI/USDT, TradingView
SUI struggled to hold above $1 during the market drawdowns witnessed in Q2 and Q3. However, it broke above $1 at press time and was on the verge of flipping the $1.05 – $1.13 resistance zone (marked cyan) to a support zone.
If so, the short-term bullish target at $1.4 could offer a 24% potential gain. In addition to the bullish market structure, technical chart indicators flashed bullish readings.
However, the RSI and stochastic RSI also hinted at overbought conditions ahead of the Fed rate decision. So, a price drop below $1 would invalidate the above near-term bullish outlook.
In such a case, the demand zone above $0.8 (marked white) could be crucial to watch.
Sui’s network growth hiked, but…
Source: Artemis
Despite the above bullish outlook, some on-chain metrics disagreed with it. For example, the recovery coincided with increased network growth, as illustrated by an uptick in daily active users (yellow).
The addresses spiked above 1.25 M as SUI crossed above $1. This was also followed by a surge in DEX volume that signaled an increase DeFi activity on the network. However, active addresses have tanked in the past three days, which might slow the recovery.
Read Sui [SUI] Price Prediction 2024-2025
That said, some of the top smart traders on Binance were betting on further price gains for SUI. About 54% of this smart money category were in long positions. This signaled upside potential for SUI.
Source: Coinglass
However, it is worth watching macro updates and geopolitical factors that might affect SUI and the overall risk markets.
