SUI shows strong bullish signs with a 45% bounce from lows. Can it reach $20 this year? Key support at $1.20 remains critical.
SUI has been showing signs of strength after a sharp correction from its 2024 highs.
The market structure suggests a potential bullish trend, and smart money seems to be accumulating.
Traders are now focusing on whether SUI can continue its climb and reach the $20 mark this year.
Strong Technical Setup and Key Support
SUI’s recent price action shows a 45% bounce from its recent lows. This recovery indicates that the asset is stabilizing.
It has entered a high-time-frame accumulation zone after a major price correction. This accumulation could be a precursor to a breakout if buying pressure continues to increase.
The price structure is forming a rising channel, signaling potential for continued upward movement.
As long as SUI holds above the $1.20 support level, the outlook remains bullish. Investors are watching this level closely, as it serves as a critical marker for the trend.
Moreover, the liquidity sweep at lower levels has been completed. This reduces the risk of sharp declines and strengthens the case for an upward move.
With key support holding firm, the path towards higher prices remains clear.
Price Targets and Immediate Momentum
CryptoPatel has outlined potential targets for SUI at $5, $10, and $20. These targets are based on the current technical setup and market conditions.
The price must first break through the $5 resistance to set the stage for further gains.
The bullish trend is supported by strong participation from whales, which signals a continuation of the current trend.
If SUI can maintain upward momentum, it could easily target the $10 level next. The $20 target is ambitious, but it is achievable if the market conditions remain favorable.
As long as SUI continues to hold key support levels, the market should see a gradual push towards these targets.
The recovery from recent lows has sparked renewed interest in the token. This positive momentum could lead to significant price increases in the near future.
Related Reading: Sui Network Faces Outage as Mainnet Stalls with Flat SUI Price
Risks and Critical Support Levels
While the bullish setup is promising, there are risks that could derail the momentum. The most crucial level to watch is $1.20, which serves as strong support.
A weekly close below this level would invalidate the current bullish outlook and suggest a trend reversal.
If the price fails to stay above $1.20, it could trigger a correction or consolidation. This would cause a delay in reaching higher price targets.
Traders should remain cautious and monitor this key level closely to gauge the future direction of SUI price.
SUI price movement depends largely on the ability to sustain key support levels. Should it hold above $1.20, there is potential for continued price growth in the coming weeks.
Source: https://www.livebitcoinnews.com/sui-shows-strong-bullish-signs-can-it-break-20-this-year/
