Sui (SUI) may be poised for long-term gains
2024-09-17

In a recent update, the Circle is announcing native USDC on SUI, which has kept up the bullish momentum. Moreover, yet another big announcement is expected to happen shortly, which may bring a huge retail brand onto the platform. The SUI price has risen back into a technical HTF uptrend again, forming consecutive higher highs and lows while the key level has been taken out already. Hence, the price is expected to surprise many in the next few weeks or months. 

The latest upswing has triggered a breakout from the descending parallel channel and the bulls are successfully holding the rally above the gains. The price has failed to break the crucial resistance at the 200-day MA at $1.099 over the past couple of days. However, after testing multiple times, the resistance could have become slightly brittle. As the volume has gained some momentum, the bullish continuation appears to be imminent. Moreover, the DMI is approaching a bullish crossover as the ADX initiates a bullish rebound. 

Therefore, the price remains consolidated for a while, which may bring the +Di & -Di closer to each other for a bullish crossover. Once this move materializes, the SUI price rally may gear up and secure a rise above $1.5, confirming a rise in bullish dominance. The current trade setup does not show a bearish possibility and if it occurs, the resistance of the channel may offer strong support & push prices towards $2. 