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SUI’s trading has shown impressive strength ever since the low local price of around $1.71 was reached just over two week ago. SUI’s value has increased by more than 79% since Monday. This reflects a bullish market sentiment, and positions SUI as one of today’s standout performers.
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The risks are still high, as the tensions between China and America continue to increase, causing unrest on all financial markets. Risk assets could be affected by geopolitical conflicts or trade disputes if the situation worsens.
Analyst Kaleo published an analysis that showed SUI was gaining relative strength to Bitcoin. This is the first time in recent months an altcoin has shown significant performance when compared with BTC. It is noteworthy that most altcoins struggled in the past to gain traction. outperform Bitcoin Markets are characterized by caution and defensive positions.
SUI’s breakout will likely be tested in the next few days. If it fails, a period consolidation is expected.
Momentum builds as SUI takes the lead in layer-1 blockchains
SUI was able to position itself as one the top Layer-1 (L1) Blockchains in the market during recent rally. Layer-1 Blockchains are a type of base blockchain, like Bitcoin or Ethereum that process and complete transactions without relying upon another external blockchain. They are independent networks with native tokens and validators decentralized.
SUI’s performance over the last two week has been remarkable, outperforming other assets by a wide margin. SUI, with its strong performance and recent resilience, is expected to remain at the top of the list if there’s an extended bullish phase in the markets for altcoins. Although the risk environment remains high, it is not going to change anytime soon. According to some analysts, the market could experience a significant retracement in crypto or equities if sentiments change.
Kaleo’s recent analysis SUI’s strong performance against Bitcoin, according to X is a very encouraging sign. SUI may be one of first major L1s that hit new record highs, indicating strong underlying demand.
It will be a critical week. US equity markets are currently testing major resistance areas, and the continuing US-China conflict is weighing heavily on global market. SUI’s rally will be influenced by how financial markets respond in the days ahead.
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SUI Battles Key Levels As Bulls Push Forward
SUI currently trades at $3.53 following several days of intense buying pressure which has pushed the price up. SUI is now one of the most powerful Layer-1 blockchains available, thanks to the bullish momentum. For this bullish momentum to last, however, bulls will need to maintain critical levels.
This level, $3.20 is the most critical short-term one. It closely aligns with the moving average of 200 days. Price action that remains above the zone will confirm bullish market conditions and lay a firm foundation for gains. SUI holding above the 200 day MA will signal a strong undercurrent demand, and further reinforce the bullish sentiment surrounding the asset.
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The $4.00 level is the main challenge for a continued aggressive upward trend. If the momentum in the crypto market remains high, reclaiming and consolidating this resistance could lead to a new potential all-time (ATH) high.
Chart from TradingView, Featured Image from Dall E
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Source: www.newsbtc.com
