**Key Insights:**
– The SUI price has surged past the $1.50 resistance level.
– A significant bullish trend line is emerging, with support noted at $1.150 on the daily chart.
– The price has increased by over 50% in just one week and may continue to rise towards the $2.00 mark.
The Sui (SUI) price has shown a robust upward trajectory, maintaining levels above $1.25 and $1.50. It recently tested a peak of $1.77 and may continue its climb toward $2.00.
### SUI Price Rally Continues Above $1.50
In our latest technical analysis, we highlighted the potential for SUI to extend its rally by 20%. The bulls have indeed taken charge, pushing the price beyond the $1.50 and $1.60 resistance points, even breaching the $1.70 mark.
Recently, Sui appointed Jameel as the new Head of Ecosystem Development to support builders and projects on the platform. In just a week, SUI has gained over 50%, outperforming major altcoins like Ethereum, and recently peaked at $1.7789. The price is currently stabilizing around $1.750 and remains well above the 50-day simple moving average (blue).
**Sui Price Daily Chart | Source: SUI/USD on TradingView.com**
SUI shows no indications of slowing down and could potentially rise above $1.7789. The first significant resistance is likely at $1.80. A decisive move past this level could pave the way for further increases.
If this scenario unfolds, the price may rally to test the $1.88 level, with additional gains possibly pushing it towards the $2.00 target.
### Potential for Downside Correction?
Should the price not maintain its momentum, SUI might initiate a correction from the $1.7789 or $1.80 levels. Immediate support is situated around the $1.650 mark, with initial support visible at the $1.550 level or the 23.6% Fibonacci retracement level from the upward move between the $1.746 swing low and the $1.7789 high, which stands at $1.5350.
The next major support level can be found near $1.265, while significant support is forming along a critical bullish trend line at $1.150 on the daily chart. This area coincides with the 61.8% Fibonacci retracement level from the upward move between the $1.746 swing low and the $1.7789 high.
Additionally, the next crucial support is near the 50-day simple moving average (blue) at $1.00. Should the price close below this level, it could trigger a sharp decline, potentially leading to a drop towards the $0.880 support zone.
In summary, the SUI price is currently exceeding the $1.650 level. If a pullback occurs, bulls may remain active around the $1.550 and $1.500 levels. On the upside, the next target for bullish momentum could be set at $2.00.