SUI rallies 7.5% as US stock market sheds $250bn

SUI is posting a striking rally while US technology stocks come under pressure again. According to analyst Ted Pillows, the cryptocurrency is up 7.5% in 24 hours and trading around $1,056. At the same time, roughly $250 billion in stock market value is disappearing from the US stock market in just 30 minutes, according to the analyst. For SUI, one key question now matters: can it break through resistance around $1.07?

SUI price nears key resistance

On the daily price chart, SUI is moving around $1,057. The price is recovering after an earlier pullback from around $1.29 and is approaching a key resistance level again.

The first zone lies between $1,068 and $1,078. The 20-day exponential moving average is also located here, an indicator traders use to assess shorter-term price direction.

According to Ted Pillows, a daily close above $1,078 could open up room for further gains towards $1,125 to $1.14.

The broader technical structure remains positive, according to the analyst. SUI is trading above the 50-day average and the longer-term support zone.

Even so, a breakout is not yet certain. If buyers fail to conquer $1.07, the price could fall back towards $1.00.

Below that, further support levels lie around $958 and $943.

Sui network activity grows strongly

It is not only the price drawing attention. Use of the Sui network is also increasing, according to the shared data.

The daily transaction count is reaching 51.8 million, up 15%. In addition, the integration of Samsung Wallet with Sui is planned for the end of October.

These developments could contribute to interest in the network.

In the derivatives market, however, the signals are mixed. The ratio of long positions to short positions among retail traders stands at 3.39. That means considerably more of these traders are betting on a price rise.

At the same time, larger traders are net short, according to Ted Pillows. That difference makes the resistance around $1.07 especially interesting.

US tech stocks turn red

While SUI attempts a further recovery, the US stock market is under pressure.

According to Ted Pillows, roughly $250 billion in market value disappears in half an hour.

The shared heatmap shows losses mainly among technology companies. Google is down 1.49%, Meta loses 1.40% and Amazon is 0.57% lower.

Among chipmakers, the losses are larger. AMD drops 3.49%, Micron loses 3.95% and Broadcom is 1.80% lower.

Bitcoin also remains in the picture. According to the analyst, BTC is holding its ground above $82.000 for now, while US stock futures are mixed and the dollar index falls.

This makes SUI’s upcoming price action particularly interesting. Despite the weak stock market, the coin is showing strength, but a convincing breakout above $1,078 is needed to bring the next price target around $1.13 into view.