SUI price has rallied and hit a new high at $5.35 as it breaks out on the bullish side. This rally has brought focus back to the altcoins and their potential.
Pseudonymous analyst Rose Premium predicted further gains up to $6 for SUI crypto. The market is still bullish as Bitcoin soars past $99,000 and boosts the rest of the cryptocurrency market.
The SUI token’s breakout rally came after breaking the supply zone at $4.80, which pointed to the change in its price trend. This has led to a 7-day gain of 26.80% which means that the market capitalization stood at $15.69 billion.
More so, Rose Premium highlighted the ongoing strength in the upward momentum, setting new targets for the token at $5.7953 (T2) and $6.2878 (T3). With solid old support levels established below, the price action demonstrates resilience within an ascending channel. This shows that the gains could still be sustained in the subsequent periods.
Additionally, the analysis points out the fact that a strong trendline support combined with the increasing bullish sentiment makes this particular trend look unstoppable.
SUI Price: Technical Indicators Signal Bullish Momentum
The 4-hour price chart of SUI also reveals a positive crossover of the 50 and the 100 EMA lines suggesting a strong bull run. The RSI rose to cross the overbought zone slightly and then fell slightly indicating a temporary slowdown. However, the token is still trading in the bullish zone and is accompanied by high trading volumes.
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Currently, the SUI price is standing at $5.170 indicating a double-bottom reversal pattern. This setup provides even more reason to be bullish on the altcoin as it trades around crucial support zones.
Furthermore, the Fibonacci retracement levels indicate the resistance level at $5.40. This could become the next hurdle to SUI price growth. If this level is surpassed, the altcoin could aim at $5.67 and $6.00 in the short term because there is bullish sentiment in the market.
On the downside, key support zones are seen at $5.00 and $4.80. These levels are major demand areas that may provide support in the event of a short term pull back. The current momentum points to a healthy, bullish trend with buyers continuing to dominate the market.
Analyst Predictions for SUI Crypto
Analysts have also noted that SUI has shown a good performance and has real potential to hit $6. The fact that the prices have broken above key levels and the Bullish signals show that the token still has room for more gains in the near future.
Additionally, most recently, SUI price is trading above a swap volume zone indicating a strong potential to reclaim $5. The $4.60 zone packed with the leveraged orders is a critical resistance barrier. Its breakout may result in short covering rallies. This target is supported by the Fibonacci retracement levels. Hence a breakout of $4.7026 could open the door for the upward move to $5 and possibly $10.
