Bitcoin

<img width="1200" height="578" src="https://coingape.com/wp-content/uploads/2024/01/ZfquVvva-e1706109842703.png" class="attachment-full size-full wp-post-image" alt="SUI Price" decoding="async" style="float:right; margin:0 0 10px 10px;">
SUI price prediction: On Wednesday, <a href="https://coingape.com/sui-price-skyrockets-as-tvl-triumphs-over-bitcoin/">SUI</a>, a token developed by Mysten Labs, emerged as the top performer amidst a broader market downturn, registering a notable 4% increase within the day. This uptick provides a suitable follow to the recent rebound from the $1.03 support level, with its price currently standing at $1.26. Amid a healthy retracement and aggressive surge in TVL(Total Value Locked), the SUI price shows a higher potential for recovery. 
<h2 id="b-constructive-pullback-sets-sui-for-20-rebound-b">Constructive Pullback Sets SUI for 20% Rebound</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">The SUI price retracement to 382% Fibonacci retracement indicates the prior uptrend is intact</li> 
 <li style="font-weight: 400;" aria-level="1">With the recent price surge, the buyers regained the 20-day EMA offering an additional edge to market buyers.</li> 
 <li style="font-weight: 400;" aria-level="1">The intraday trading volume in SUI is $811 Billion, indicating a 54% gain.</li> 
</ul> 
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 <img decoding="async" src="https://s3.tradingview.com/snapshots/q/qp1A7Juq.png" alt="SUI Price Prediction" width="1946" height="937">
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 SUI Price Prediction| TradingView Chart
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Following a significant downturn in the broader market, the SUI price experienced a notable decline from its early January high of $1.45, dropping by nearly 30% over two weeks to a low of $1. Despite this, as <a href="https://coingape.com/blog/why-bitcoin-price-is-falling-today/">Bitcoin</a> shows signs of recovery towards the $40K threshold, the downward pressure on the market has lessened, allowing the SUI price price to stabilize above $1.03.&nbsp; 
This support concising with the 38.2% Fibonacci retracement, provides a robust base for potential buyer momentum, evidenced by a 25% increase in the coin’s value over the past 3 days. 
Just eight months after its Mainnet debut, Sui has ascended to the second position among non-EVM (Ethereum Virtual Machine) chains in terms of Total Value Locked (TVL), with an impressive $355 million in TVL. This achievement places Sui 12th in the overall blockchain platform rankings by TVL, highlighting the network’s swift expansion and adoption rate. 
<figure id="attachment_176484" aria-describedby="caption-attachment-176484" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-176484 size-full" src="https://coingape.com/wp-content/uploads/2024/01/image_2024-01-24_20-35-41-e1706109099565.png" alt="SUI Network TVL" width="1200" height="542">
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 SUI Network TVL| Defilama
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Should the SUI price demonstrate a reliable reversal pattern at the $1.03 support level, there is potential for a 15% uptick, aiming for the near-term resistance at $1.45. A successful breakout above this barrier will give buyers a better confirmation of uptrend resumption. 
<ul> 
 <li>Exponential Moving Average (EMA): The SUI price positioning above the 100-day and 200-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMAs</a> indicates a sustained bullish trend over the long term</li> 
 <li aria-level="1">Directional Moving Index: A bearish crossover state between MACD and signal line accentuates the seller’s firm grip over this asset.</li> 
</ul> 
The post <a href="https://coingape.com/markets/sui-price-prediction-will-sui-tvl-expansion-for-a-15/">SUI Price Prediction: Will $SUI Leverage TVL Expansion With a 15% Rebound?&nbsp;</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

SUI Price Prediction: Will $SUI Leverage TVL Expansion With a 15% Rebound?

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