Resistance Breakthrough and Next Target
According to Snyder, $SUI has surpassed the $3.37 resistance, with the price now moving towards $3.73. The next resistance to watch is around $3.60, projecting that $SUI could continue its upward momentum if it can break past this new resistance level.
The analyst also stated that a pullback to $3.31 could offer a good entry point for traders looking to go long. Snyder further emphasized that $SUI often performs well when the broader market recovers. With the current bullish trend, he believes the token is positioned for further gains in the near term.
Long-Term Target of $14 and Price Update
Alongside Snyder’s analysis, Bitcoinsensus has provided a long-term outlook for $SUI, suggesting the token could target $14. According to the analyst, $SUI is in an uptrending macro channel. A retest of the lower boundary of this channel could trigger further upward movement.
The analyst also noted that the cryptocurrency has previously bounced from lower levels, reinforcing the strength of the trend. As of press time, $SUI is trading at $3.51, up by 9.70% in the last 24 hours. With a 24-hour trading volume of $1.34 billion, the token is showing strong activity in the market.
SUI’s TVL Reaches New All-Time High
SUI’s Total Value Locked (TVL) has recently hit a new all-time high of $2.26 billion. Analyst Kyle Chassé pointed out the rapid capital inflow into the $SUI ecosystem, which is fueling the token's bullish trend. "Money is flowing hard and fast into the network," Chassé noted, reflecting investor confidence.
This new milestone highlights the growing interest in $SUI and supports the positive market sentiment surrounding the token. This growth in TVL supports the positive trend, signaling potential continued upward movement in $SUI's price.