SUI, the native token of the Sui blockchain, has gained significant attention in recent days due to its impressive price surge. After a 10.93% increase over the last 24 hours, SUI has reclaimed the critical $5 price level, pushing its market capitalization to a substantial $15.41 billion. This positive momentum has fueled renewed investor interest, particularly as the token defies the broader bearish trend in the cryptocurrency market.
The recent surge in SUI’s price has led analysts to speculate about the possibility of a breakout to new all-time highs, with $5.89 now being eyed as a potential target. The growing optimism surrounding the token has prompted many to wonder if SUI can maintain its bullish trend in the face of broader market challenges.
A closer look at the 4-hour chart reveals that SUI has formed a solid foundation for further gains. The price recently bounced off a local support trendline, signaling renewed buyer interest. Additionally, the token showed multiple rejections at the $4.50 level, forming a double-bottom reversal pattern. This pattern is a strong bullish signal, suggesting significant accumulation at lower levels, and it positions SUI well for a continued upward movement.
The token’s price surged by 13.55%, rising from $4.4957 to its current level of around $5.10. This increase has enabled SUI to break past the $5 psychological level and the 61.80% Fibonacci retracement level, indicating solid bullish momentum. These technical indicators point to increased market confidence and suggest that the token could see further gains in the near term.
Another important development is the 4-hour Relative Strength Index (RSI), which has recently moved above the 50 mark, signaling improved market sentiment. The RSI is a key indicator of the strength of a trend, and its upward movement suggests that buying pressure is gaining momentum.
Although the recent price surge has been promising, SUI still faces several resistance levels that could pose challenges in the short term. According to Fibonacci analysis, the current bullish trend is approaching the 78.60% retracement level at $5.17. This level is seen as a potential point of resistance, but the upward momentum is strong enough to suggest that SUI may continue to push higher.
The next major hurdle lies at the $5.35 level, which is likely to be a key resistance zone. If SUI can overcome this level, it could pave the way for a breakout, with $5.89 emerging as the next key target. This price point represents a significant upside from its current position, and it would mark a new all-time high for the token.
On the other hand, if the upward momentum falters, the $5 psychological level will act as an important support level. A failure to hold above this mark could signal a pullback, potentially leading to a retest of lower price levels.
Looking ahead, SUI’s recent performance suggests a positive outlook for the token, especially if it can maintain its current momentum. The combination of bullish technical indicators and strong buying interest positions SUI for potential gains in the coming weeks. If the token can break through resistance levels and sustain upward momentum, the $5.89 target is within reach.
As always with cryptocurrencies, market conditions can change rapidly, and caution is advised. However, for now, SUI appears poised for further gains, and investors will be watching closely to see if the token can continue its breakout to new highs.
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