SUI showed a remarkable performance on Friday amid the market retrace. Following Bitcoin’s drop to the $55,000 mark, the cryptocurrency was among the few tokens showing green numbers with an 8% surge.
The token’s performance, alongside the network’s developments, has fueled a bullish sentiment among investors. However, some analysts remain cautious of the cryptocurrency, warning that the joy could be short-lived.
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SUI Surges As Top 100’s Largest Daily Gainer
SUI was among the best performers throughout August, registering 50% surges amid the market downturns. The cryptocurrency’s resilience last month was fueled by several factors, including network updates, large over-the-counter (OTC) bids, and “strong holdership through big unlocks.”
Moreover, crypto asset manager Grayscale launched its investment trust, Grayscale SUI Trust, based on the cryptocurrency. As a result, the token’s bullish momentum propelled the price toward key levels not seen since mid-June.
Since then, SUI has moved within a multi-month accumulation zone between the $1.2-$0.57 price range, holding the lower range as a key support area. Throughout August, the token retested the $1 resistance level several times, ultimately failing to reclaim it as a support level.
As September started, SUI’s price crashed by 23% due to the market volatility, momentarily losing the $0.75 support zone. However, the cryptocurrency consolidated above this level again as the week progressed.
After successfully reclaiming support at the $0.8 level, the token surged 8% on Friday morning. Its price moved toward the $0.088 mark, registering green numbers in most timeframes. SUI is currently the largest gainer among the top 100 cryptocurrencies, with a 6.3% increase in the last 24 hours.
The token also displays an 8.5% and 36.8% jump in the weekly and monthly timeframes. This performance fueled a bullish sentiment among investors and market watchers.
Will SUI’s Rally End Soon?
Crypto analyst Alex Clay highlighted SUI’s performance in the past month, remarking its movements between the mid-zone and key support zone within the “bigger accumulation range.”
To the analyst, the cryptocurrency’s price could target the $1.8 resistance level soon if it breaks above the $1.2 mark. Additionally, Clay believes the bullish momentum could drive the price to the mid and long-term…
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