Sui Price Takes Bold Strides Toward Recovery as Bulls Regain Control

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Sui Price Takes Bold Strides Toward Recovery as Bulls Regain Control

• Sui price has factored in a 13.99% price increase in the last 24 hours.
• The altcoins daily trading volume has surged by 42.49% as per CMC data.

The sector is buzzing with activity, as community members gather to discuss everything decentralized at the India Blockchain Week. Meanwhile, the West has brought glad tidings in the form of speculation on the new SEC chair announcement. Amid a pulmul of action, altcoins have continued to surge.

Notably, Sui Networks SUI token has yet again shown signs of bouncing on board with the action. The altcoin, after the recent slump, has begun to turn towards its previous bull run. In the past day, SUI has factored in an 13.99% price increase and is inching closer to its ATH. From an intra-day low of $3.18, the altcoin has climbed to the $3.5 level.

Moreover, SUI hit its all-time high of $3.93 in the middle of November, after which it succumbed to a bearish takeover. At the time of writing, SUI was trading at $3.73 as per CMC data. This past day‘s surge has also impacted the overall week’s performance. On inferring its weekly chart, SUI shows a 17.81% price increase.

Additionally, over the past few weeks, the Sui Network received increased market attention. Cardano founder, Charles Hoskinson recently applauded Sui Network‘s operations over Solana. Separately, the network also faced a recent block outage that influenced SUI’s price dip.

Will SUI Price Re-Establish the Bull Run？

Sui‘s price chart depicts bullish candles in the present after the past few days’ consolidation at the $3.2 and $3.3 levels. Furthermore, the altcoins Chaikin Money Flow (CMF) indicator shows a value of 0.14 highlighting an increased influx in capital.

Secondly, Sui‘s bull power indicator’s value is 1.05 as per TradingView data. Meanwhile, its bear power indicators value is -0.79. These indicators suggest that the token holds the potential to stage a bull run in the coming days.

Amid the Altseason and bullish market, the token can be expected to witness price breakouts along with other tokens such as Chainlink and Hedera. In the case of a bull run, SUI might face resistance at $3.94 and $4.20.