Sui (SUI) Price Rallies 13% After Its Recent Downward Movement

• Sui price retraced back to bullish movements in the past day after the recent price dip. 
• The altcoin’s daily trading volume surged 117.71% as per CMC data.

The cryptocurrency market turned bullish at the beginning of this week garnering attention to price actions. Leading cryptocurrencies moved to previous resistance levels and have led speculations for the beginning of the Uptober bull run. Meanwhile, a recently rallying altcoin, SUI has resumed its bullish rally after a recent downward movement on Friday. 

Notably, Sui Network’s native token SUI has shown a notable surge of 13.39% in the last 24 hours. In the Asian evening hours of October 6, the altcoin traded at its previous resistance of $1.7.  However, as the day progressed, Sui price began to rise, sparking bullish candles to reach current trading levels. At the time of writing, Sui was trading at $1.9576 as per CMC data. 

Moreover, recently on October 3 and 4, Sui’s price took a bearish turn and prices began to fall hitting a support level of $1.59. During this time, market analyst Ali relatedly stated the detection of buy signals in the chart. However, over the weekend and specifically in the past day, it has bounced back to its bull run. 

Furthermore, the Sui Network recently surpassed $1 billion TVL hitting a crucial milestone for the project. Additionally, the Network has shown a surge in activity within the community. Recently, Cardano’s founder stated that Sui Network was a better alternative to Solana. 

Will Sui Price Rally Surpass its ATH?  

On inferring Sui’s technical indicators data, the short-term 9-day MA stands above the long-term 21-day MA indicating the bull run. However, the Moving Average Convergence Divergence (MACD) indicates a bearish trend. It depicts a negative histogram which is further supported by the MACD line standing above the signal line. 

Meanwhile, the recent price rally if continued might aid the altcoin in surpassing in PATH at $2.18. Additionally, the token’s RSI stands at an overbought situation indicating positive market sentiments. The altcoin’s weekly and monthly price performances have also shown notable surges due to the September price rally. 

Meanwhile, other altcoins, particularly the memecoin sector have also shown notable upward movements in the past day. 

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