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Pessimism Fading After Token Unlocks: Will SUI Price Surpass Yearly Highs

Author: Content Editor
The SUI cryptocurrency has experienced a 30% retracement from its supply zone and yearly high over the past two weeks. This decline was due to pessimism surrounding a recent token unlock event. However, the price has recently seen a 5% intraday surge, pushing it above the $1.80 mark and attempting to spike from the 50-day EMA band. Despite being in the red for weekly gains, SUI remains one of the day's top gainers. Analysts believe that a breakout for further gains is imminent, especially if BTC shows signs of recovery. Recent on-chain metrics have also shown significant gains. The SUI price recently formed a falling wedge pattern on the two-hour chart, and a potential breakout from the trendline resistance, coupled with the Point of Control (PoC), could indicate a bullish rally. However, if sellers continue to defend the overhead trendline, SUI crypto price could extend its current correction trend. The SUI price has surged by over 400% over the past three months, reaching a new yearly all-time high in October before experiencing a retracement. Currently, it is resting near the 50-day EMA, which serves as a dynamic support level. Despite the recent pullback, the bullish trend remains intact. The Total Value Locked (TVL) of the SUI network has also increased significantly, reflecting growing investor confidence and adoption of SUI's DeFi ecosystem. This influx of capital supports a bullish outlook for price recovery.

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