"SUI : Strategic Supports and Resistances on the radar
2024-11-23

In the short term, the token could face resistance near $3.69, with significant support at $3.41. If the overall market shows strength, there is potential to test $3.85. The RSI appears to be close to the upper bound, suggesting a potential reversal in the short term.

Support:
$3.4160: A relevant level where the price has previously tested and found support.
$3.1060: Stronger support in case of a sharper decline.

Resistance:
$3.6921: A level close to local resistance, which the price has tested several times without breaking through.
$3.8519: Higher resistance, which could be challenged in case of increased buying strength.

SUI is the native token of the Sui blockchain, which is a layer-1 platform focused on scalability and performance. Developed by Mysten Labs, it uses a parallel execution model, making it efficient for decentralized applications (dApps) and NFTs.

Token Functions:
Transaction Fees: Used to pay fees on the network.
Staking: Participation in network validations.
Governance: Holders can participate in network decisions