The price of the altcoin Sui has been one of the outperformers in recent weeks and is jumping to new highs. The following price levels are now relevant for investors.
The price of the Layer-1 blockchain Sui (SUI) has been one of the clear outperformers among the top 100 altcoins in recent months. In the last 30 trading days alone, the price increased in value by 86 percent.
Since bottoming out at the beginning of August, the price has even risen by 380 percentage points.
At the beginning of the week, the SUI price reached a new all-time high of $2.37 before increased profit-taking pushed the price back below the previous high from March at $2.18.
One reason for the recent setback could be the current allegations of insider trading .
Looking at the chart, the bulls are trying to avert a sustained price correction in the last 24 hours of trading. With a gain of almost four percent, Sui is one of the strongest daily winners.
In the short term, the buyers' camp needs to defend the area around 1.84 US dollars and then sustainably overcome the zone around 2.17 US dollars. Then there is another attempt to break out above the weekly high of 2.37 US dollars and march towards 2.65 US dollars.
If Sui reaches this price range around the 127 Fibonacci extension and there is no sustained profit-taking, the chance of a medium-term upward movement towards the 161 Fibonacci projection increases further.
The zone around 3.25 US dollars acts as an important target for the coming period. This is where increased profit-taking should be planned at the latest.
Only when the buyers' side pulverizes this strong resistance will the maximum price target in the range of 3.91 US dollars come into investor focus.
However, if the crypto market proves to be weak in the coming weeks contrary to expectations and Sui extends its price correction below the support at $1.84, a retest of the zone around $1.66 is to be expected.
If the bulls fail to achieve sustainable stabilization here too and the bears remain in control, the probability of a sell-off towards 1.41 US dollars will continue to rise. This price level has been relevant several times in the past.
If the bearish wave on the market continues to expand over the autumn months and Sui does not find a sustainable bottom, a possible follow-up movement up to 1.20 US dollars would have to be taken into account.
In the medium term, the price of the Layer-1 blockchain could even fall back to the maximum bearish price target of 1.05 US dollars.