SUI price has seen an explosive recovery since August. It was up over 150% and was poised for more gains per analyst.
has pushed forward with recovery, up over 150% since early August lows of $0.5. So far in September, the L1 network has hiked 60% and reclaimed $1.2, a previous resistance in Q2/Q3, and might signal another bullish next leg up.for a massive takeoff on the price charts. The analyst cited SUI’s recent breakout above long-term trendline resistance and the SUI/SOL ratio.
If so, the short-term bullish target at $1.4 could offer a 24% potential gain. In addition to the bullish market structure, technical chart indicators flashed bullish readings. However, the RSI and stochastic RSI also hinted at overbought conditions ahead of the Fed rate decision. So, a price drop below $1 would invalidate the above near-term bullish outlook.Sui’s network growth hiked, but…Despite the above bullish outlook, some on-chain metrics disagreed with it. For example, the recovery coincided with increased network growth, as illustrated by an uptick in daily active users .
The addresses spiked above 1.25 M as SUI crossed above $1. This was also followed by a surge in DEX volume that signaled an increase DeFi activity on the network. However, active addresses have tanked in the past three days, which might slow the recovery.That said, some of the top smart traders on Binance were betting on further price gains for SUI. About 54% of this smart money category were in long positions. This signaled upside potential for SUI.
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