Recent fluctuations in Bitcoin‘s price have caused altcoins to lose previously conquered resistance levels, but the market is showing signs of optimism with BTC holding the $40,000 mark and altcoins turning green. SUI Coin’s expectations are trending positively.
Despite Alibaba’s announcement not causing an immediate price surge for SUI Coin, it is seen as beneficial for long-term support, attracting more developers to the ecosystem and contributing to network security by running permanent nodes.
Collaborations with Alibaba are expected to bring positive exposure to SUI Coin, which has seen a 17% price increase to $1.27, reigniting hopes for further gains after avoiding a drop below the $1 support level.
Analysts remain bullish on SUI Coin, with predictions of a short-term jump to $1.5. The coin’s involvement in the DeFi space is expanding, offering a variety of opportunities from lending to DEXs, with anticipated airdrops and $SUI emissions adding to the excitement.
Technical analysis shows SUI Coin overcoming key resistance levels, with the hourly chart indicating a break from a downtrend. If no major setbacks occur, the coin is expected to test the $1.42 level, while a drop below $1.23 could threaten the $1 support.