SUI rallies 15% despite bear market, will it reach $1 again?

Over the past 24 hours, the altcoin SUI has experienced a significant rally, rising by over 15%. This surge has once again pushed the altcoin into bullish territory, leading to questions about whether SUI will soon reach the $1 mark.

SUI Crosses $0.7 After Rising Over 15%

On Monday, SUI returned to its bullish trend with a sharp recovery, causing its price to rise quickly. As a result, the digital asset’s price rose above $0.7, after dropping to as low as $0.5 on Saturday. This 15% surge also made the altcoin one of the top gainers of the day.

SUI is now competing for the top gainer position with other altcoins, such as Luna Classic (LUNC), which has seen significant increases over the past week, and FTM and XRP, which have been boosted by the release of the Hinman documents.

Despite Bitcoin barely holding on to the $26,000 level, SUI’s price rise suggests that it is deviating from the general market trend, which may indicate further potential for gains.

Is The Race To $1 Back On?

After its much-anticipated launch in May 2023, SUI’s price traded well above the $1 mark, even though presale participants were able to sell their coins at a significant markup. However, the altcoin quickly lost momentum and its price dropped rapidly, falling by over 50% over two weeks due to the bear market caused by regulatory headwinds. Last week, SUI reached a new low of $0.5 before rallying back up above $0.7 on Monday.

With this latest rally, it is possible that SUI could retest the $1 resistance, but it depends on whether the bulls can keep the momentum going. At the time of writing, the bears have already begun to take over, causing SUI’s price to lose the $0.7 support.

The altcoin’s market cap has increased by 53% compared to the previous day, suggesting that there may be higher demand for it. However, it could also indicate selling pressure, which could explain the recent reversal. Nevertheless, if SUI is to make a return to the $1 level, the bulls must reclaim and hold the $0.7 support.