SUI posts double-digit gains as markets rebound, is $3 back in sight?

After several consecutive days in the red, the SUI token is showing signs of recovery as a sharp price rebound renews bullish sentiment.

SUI (SUI), the native token of the Sui layer-1 blockchain, has been on the rise in recent hours, posting roughly 15% in fresh gains. The rally marks the end of a month-long losing streak that saw the token break key support levels and drop to new lows.

At press time, SUI trades around $2.79, marking a strong recovery from the week’s low of $2.45. The rebound in the native token is not isolated and comes as investor sentiment improves across the broader crypto market amid easing geopolitical tensions. 

While Bitcoin (BTC) and other major altcoins have led the market uptick, SUI stands out as a strong performer, posting double-digit gains that put it roughly 17% above its lowest point this month.

From a technical perspective, the native token is entering a crucial phase. SUI has been in a strong downtrend for the majority of this month and recently hit a low of $2.29, a price that hasn’t been seen since April. 

Since then, the price has recovered slightly and is now resting at $2.79, a price right on the edge of the trend lines that can be seen on the chart. If the price continues to go up and goes above the $3 mark, there is the likelihood of a market reversal and increased upward momentum.

After that, the next challenge will be to cross the Target 1 price, which was the last local high that was seen during the current downtrend, and the Target 2 price will be the subsequent challenge. 

On the flip side, if momentum stalls, the first level to watch is $2.70, where a local low recently formed. A drop below this area could signal a strong bearish pressure and potentially send the price to the $2.39 low.