SUI Price Triggers a Strong Rebound—Will it Form a New ATH at $3 in November?

The SUI price has rebounded from crucial support, which hints towards the presence of the bulls over the platform. The price was consolidating above the local support after the drastic fall from the levels above $2. With the latest rebound, the SUI price appears to be primed to revoke a strong ascending trend that could not only elevate the levels close to its highs but form a new ATH above $3 in the coming days. 

After a remarkable 400% increase, it’s quite normal to witness the profits being secured and the price taking a moment to cool down. In the last 24 hours, the SUI price has moved by over 8% to rise above $1.88 while the trading volume surged from levels below $400 million to as high as levels close to $1 billion. Moreover, the data from the Artemis terminal suggests the SUI chain recorded the highest-ever net inflows, compared to the other chains. 

The chain recorded over $24.6 million in inflows compared to Arbitrum and Solana, which recorded $6.9 million and $8.3 million inflows respectively. Interestingly, Ethereum has experienced massive outflows over the past seven days, recording levels above $700 million. With the growing attention over the chain, the SUI price is expected to maintain a continued ascending trend and mark new highs very soon.

After the latest reversal, the technicals have switched in favour of the token. The RSI has triggered a bullish divergence, while the MACD displays a drop in selling pressure, which could display the possibility of a bullish crossover. The price defended the trend line after holding above 0.618 FIB levels and above to rise over the 0.786 FIB soon. The technicals suggest a bullish continuation with an ascending consolidation. 

Therefore, the SUI price is expected to remain consolidated above the gains for a while and further trigger a healthy rise to 1 FIB at the ATH and further push the price to 1.2 FIB at $3.