Will SUI Price Rally to $10 or Face Retracement to $2.5?

Key Insights:

• Popular analyst Rekt Capital predicts SUI price could rally after confirming the macro triangle pattern breakout.
• Institutional adoption of Sui continued to expand rapidly, causing TVL to surpass $2 billion.
• SUI price may fall to $3.17 support before a rally towards $10.

SUI price gained nearly 11% in a day after the recent crypto market rally after a massive profit booking yesterday.

Analysts remain upbeat on a rebound to confirm the recent breakout from the macro triangle pattern.

Now the question is whether SUI price will sustain this rally or tumble to the support level again due to the ongoing selling pressure in the market?

Popular Analyst Predicts SUI Price Rally

SUI price broke above the macro triangle pattern but fell as investor sentiment flipped to profit booking.

In an X post on August 22, crypto analyst Rekt Capital revealed that it remains in the post-breakout retest phase to fully confirm the breakout.

However, if bearish returns in the crypto market, SUI can witness a retracement to $3.1. In the extreme case, SUI could fall to the next support at $2.5.

He added that Robinhood listing SUI is another catalyst for an upside move, which would help confirm the triangle pattern breakout. Robinhood’s listing opened doors to the SUI ecosystem, especially for US investors.

SUI Sees Institutional Adoption as TVL Surpasses $2 Billion

Institutional adoption of Sui continued to expand rapidly, positioning it as a leading platform for Web3 apps.

Also, gaming integrations and innovative infrastructure launches became key development areas, reported Messari.

Sui market cap, daily DEX volume, and DeFi total value locked (TVL) continue to rise despite a decline in sentiment among traders.

According to DeFillama, DeFi TVL and market cap jumped over $2 billion and $11.93 billion, respectively.

Also, the average daily transactions increased 11% quarter-on-quarter (QoQ) to 5 million. Whereas, the average daily active addresses fell 1% QoQ to 1 million.

As the Coin Republic reported earlier, the Sui network will bring robots on the chain to perform tasks quickly using fast and simple on-chain automation actions.

The move aimed at building a system to handle real-time tasks across devices in the Internet of Things (IoT) space.

SUI Price to Rebound?

SUI price saw massive gains of nearly 11% in the past 24 hours, so that the weekly gains turned gree to over 1%.

The price was trading at $3.74, with a 24-hour low and high of $3.39 and $3.8, respectively.

Furthermore, the trading volume rose 12% in the last 24 hours, indicating a increased interest among traders.

In the daily timeframe, the price was trading below the 50-SMA and 100-SMA, but above the 200-SMA.

Whereas, Relative Strength Index (RSI) rose to 51.85, signaling a neutral phase.

Recently, popular analysts such as Ali Martinez and Crypto Tony had anticipated a fall in SUI price to $3.17 support before another breakout attempt.

CoinGlass data also showed that buying ensued in the derivatives market. At the time of writing, the total SUI futures open interest rose nearly 9% to $1.92 billion in the last 24 hours.

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