Can SUI Hit $1.4 as It Outperforms Ethereum and Arbitrum?

SUI Price Surges 20%: Will It Sustain Above $1?

SUI price surged by 20% during Friday’s trading session, outperforming the broader market’s uptick. This sudden inflow into the altcoin market followed a 5% jump in Bitcoin’s price, reaching the $63,850 mark. The rising SUI price has demonstrated sustainability above the 50-day Exponential Moving Average (EMA), signaling a potential shift in the short-term trend. The question remains: will buyers sustain the $1 mark?

SUI Price Gains Momentum Amid Record Transaction Volume and TVL Surge

SUI, a Layer 1 blockchain network, has emerged as a dominant player in the blockchain industry, particularly in terms of transaction volume. According to data from Artemis, the SUI network has recorded an impressive 2.14 billion transactions, surpassing major networks like Tron, Polygon, and Ethereum.

The high transaction count suggests that SUI is becoming a preferred network for decentralized applications (dApps) and other blockchain activities. This could attract more developers, users, and investors to the network, further strengthening its market position.

• As of press time, the SUI price is trading at $1.025, with a market cap boost to $2.66 billion.
• The Total Value Locked (TVL) for the SUI Network has experienced a significant increase since early August.
• According to DeFiLlama data, the TVL surged from $342.8 million to $654.2 million, marking a 90% increase.

This growth indicates that capital is being locked into its protocols, reflecting market participants’ confidence in its robust network.

SUI Coin Hints at a Major Breakout Ahead

Amid recent market uncertainty, the SUI price has established strong support at $0.8. This level, supported by the 20-day and 50-day EMA slope, signals an initial shift in market sentiment.

The bullish turnaround has led to a nearly 30% increase in the asset’s value, surpassing the $1 psychological level. An analysis of the daily chart reveals that this upswing supports the formation of a bullish reversal pattern known as the inverted head and shoulders. This pattern is characterized by:

• Three troughs, with the middle trough (head) being the lowest
• The two outer troughs (shoulders) being shallower

With sustained buying, the SUI price could surge by 7% before encountering a major breakout from neckline resistance at $1.1. A successful breach above this level may accelerate bullish momentum, potentially pushing the price to $1.2 and then $1.43.

Conversely, if overhead supply pressure continues, the SUI price could revert from the overhead trendline. This potential reversal might invalidate the bullish thesis, causing the asset to drop below the $0.8 level.