- Assets has re -tested an important level that will determine whether it will include a considerable market trun
- Liquidity flows and demand have remained high on the market
After a few days of depreciation in the graphs, Sui can start to regain some power. In fact, it registered a gradual increase of 4.23% in the last 24 hours.
Now the possibility of a large rally remains high, but it depends on the market momentum and the ability of the active to break through an important level of resistance. Here is the analysis of Ambcrypto about how Sui will probably respond to this level.
Bullish tendency surfaces again for sui
Sui has shown another bullish tendency on the graph and forms a price pattern that is often associated with a rally.
At the time of writing, Sui tried to break two resistance levels – the falling resistance line and the horizontal resistance at 2,2271. If it succeeds, it can actively gather with 130% to $ 5.1, a region that was last traded in January of this year.
Source: TradingView
However, if it is unable to violate these resistance levels, as it did in an earlier attempt (circled in yellow), it can actively reduce and continue to consolidate on the graph.
Further analysis showed that buying interest this time was strong. And the potential for a rally remains solid.
The Bull Bear Power (GDP) -indicator, who arrange the market or buyers (bulls) or sellers (bears), also revealed that bulls are currently in charge.
This bullish check followed four days of bearish activity that pushed the actively lower. A further consideration of the price action in that period revealed that Sui did not fall strong. Instead, it consolidated and hinted to underlying bullish strength.
Source: TradingView
If the bulls keep control and the green histogram stations keep climbing, Sui will probably break his resistance and rally.
In addition, the liquidity inflow has increased, with the same confirmed by the Geldstroom index with a value of 64.49 in the positive zone. This trend pointed to growing capital inflow – a historical signal for a potential rally.
Retention in the chain stays high
Finally, the retention of chains for Sui has remained strong, whereby both new and returning users (addresses) remain increased.
At the time of the press, the daily active addresses for new users had reached 1.3 million, while return addresses rose to 299,000 – an increase of 1.1 million and 165,800 on 15 April. Such a growth of users increases the chance of higher network use, something that can contribute to a consecutive price.
Source: Artemis
The use of Sui will also increase, because it registered the highest amount of stablecoin deployment between all chains in the last 24 hours – a total of $ 60 million.
In general, these positive developments increase the chances of SUI recording considerably advantage and the delivery of more market value than before.
Credit : ambcrypto.com
