The fluctuation in Bitcoin‘s price has caused altcoins to lose the resistances they had struggled to overcome. Despite the double-digit losses due to prices dipping to deeper support levels, there is a relatively optimistic atmosphere today. BTC is currently maintaining the $40,000 level, and altcoins have started to turn green. So, what are the expectations for SUI Coin?
SUI Coin Commentary
We had mentioned that yesterday’s Alibaba announcement, although it did not cause an instant massive increase in price, would be beneficial in maintaining support. The announcement aimed to attract more developers to the ecosystem in collaboration with the Chinese tech giant, which would also contribute to network security by running permanent nodes.
With events, various developer programs, and trainings, SUI Coin’s visibility alongside Alibaba is a positive development. Indeed, with the general market sentiment improving today, the price of SUI Coin has increased by 17%, reaching the threshold of $1.27. The altcoin, which escaped losing the $1 support with yesterday’s big announcement, is now rekindling hopes for new highs.
SUI Coin Price Prediction
The RSI is positive and the $1 support remains strong, with the price outlook looking favorable following good news. Popular analysts continue to share bullish predictions for SUI Coin. An analyst known by the pseudonym Nihilus expects a jump to $1.5 in the short term. KriyaDEX wrote:
“Sui DeFi is evolving. There’s a range of opportunities from lending to LSDs and DEXs – expected airdrops, points, $SUI emissions, and much more!”
The hourly chart shows that the altcoin has escaped the decreasing trend resistance line coming from the peak. Additionally, SUI has successfully surpassed the resistance at $1.23, formed by the 0.5 Fib retracement resistance level and a horizontal resistance area.
The six-hour RSI legitimizes the breakout. Accordingly, if no major headwinds occur, we might soon see the $1.42 level being tested. Conversely, closures below $1.23 could lead to a retest of the $1.10 trend line, threatening the $1 support level.
BTC is currently positive, but if there are massive GBTC outflows today, the situation could quickly reverse.
