SUI showed remarkable performance on Friday during the market correction. After Bitcoin fell to $55,000, the cryptocurrency was among the few tokens to show green numbers with an 8% enhance.

The token’s performance, alongside the network’s growth, has fueled bullish sentiment among investors. However, some analysts remain cautious about the cryptocurrency, warning that the joy may be short-lived.

SUI is rising in the top 100 daily gainers ranking

SUI was among the best performers in August, posting gains of 50% amid market declines. The cryptocurrency’s resilience last month was fueled by several factors, including network upgrades, huge over-the-counter (OTC) offerings, and “strong ownership through large unlocks.”

In addition, crypto asset manager Grayscale launched its cryptocurrency-backed investment fund Grayscale SUI Trust. As a result, the token’s bullish momentum pushed the price towards key levels not seen since mid-June.

Since then, SUI has been trading in a multi-month accumulation zone between the $1.2-$0.57 price range, holding the lower range as a key support area. Throughout August, the token repeatedly tested the $1 resistance level, ultimately failing to reclaim it as support.

In early September, SUI price fell 23% due to market volatility, temporarily losing the $0.75 support zone. However, the cryptocurrency re-consolidated above that level as the week progressed.

After successfully reclaiming the $0.8 support, the token surged 8% on Friday morning. Its price approached the $0.088 level, registering green numbers on most time frames. SUI is currently the biggest gainer among the top 100 cryptocurrencies, up 6.3% in the past 24 hours.

The token is also up 8.5% and 36.8% on the weekly and monthly time frames. These results have fueled bullish sentiments among investors and market observers.

Will the SUI rally end soon?

Cryptocurrency Analyst Alex Clay illuminated SUI’s performance over the past month, highlighting its moves between the midzone and key support zone in the “greater accumulation range.”

The analyst believes that the cryptocurrency’s price could soon reach the $1.8 resistance level if it breaks above $1.2. Additionally, Clay believes that bullish momentum could take the price to medium- and long-term targets of $3.3 and $5, although he considers them “conservative targets.”

Yuriy, another crypto trader, noted that SUI has broken out of its two-week range after today’s spike. The cryptocurrency’s chart shows a bull flag formation, and a breakout attempt could be made if the token consolidates above current levels.

According to the post, if SUI holds above the $0.84 support zone, the next resistance level for the token will be the $0.97-$1.02 range. A breakout above the $1 level has the potential to trigger a huge pump for the token. However, failure to hold the key support zone could lead to a 15% to 20% drop in price.

Cryptocurrency Analyst Altcoin Sherpa suggested that SUI’s chart is “still nice” following its recent performance. However, he cautioned that the token may not be a “long-term hold.” The analyst believes that the bullishness could be halted by the token’s upcoming unlock, scheduled for October 3.

Featured image from Unsplash.com, chart from TradingView.com