The cryptocurrency token SUI has witnessed a substantial and robust bullish breakout, leading to a surge in price to $3.12. Over the past week, SUI has recorded an increase of 65.36%, in addition to a 9.30% gain in the last 24 hours. This upward movement has been supported by a considerable rise in trading volume, amounting to $4.63 billion.
As a result of this price rally, the market capitalization of SUI has reached $8.87 billion, with a circulating supply of 2.8 billion tokens.
A detailed technical analysis points towards the token maintaining levels above crucial support levels, indicating the potential for further price appreciation. Renowned crypto analyst Michaël van de Poppe highlighted the impressive performance of SUI, commenting,
“The support level for $SUI has held firm, leading to a slight but notable upward movement, resulting in new all-time highs!”
Support Zones and Fibonacci Levels
Key Fibonacci retracement levels identify significant support zones for SUI. Noteworthy levels include the 0.618 Fibonacci level at $2.092, the 0.382 level at $1.889, classified as critical support areas.
Furthermore, an additional support level at $1.729 has been identified as an “aggressive entry zone,” providing essential checkpoints for traders to monitor during potential price corrections.
Source: X
The bullish momentum of SUI has prompted analysts to project higher price targets. Van de Poppe has indicated a potential price range of $5-$6 for SUI in the ongoing bullish cycle, based on current market trends and dynamics.
Positive Signals from Key Technical Indicators
Currently, the price of SUI is hovering close to the upper Bollinger Band, reflecting a robust bullish momentum. Additionally, the price has consistently remained above the 20-day moving average line, indicating strength in the upward trend.
The notable distance between the current price and the middle line signals high volatility and a strong uptrend.
The Relative Strength Index (RSI) stands at 78.35, indicating overbought conditions. While this suggests strong buying pressure, it also hints at the need for traders to remain vigilant for potential short-term corrections.
Typically, overbought conditions precede temporary pullbacks or consolidation phases.
Source: TradingView
Additionally, the Aroon Indicator reinforces the bullish trend by showing the Aroon Up at 100%, denoting recent highs, and the Aroon Down at 0%, indicating the absence of recent lows.
This combined data underscores the continuation of the bullish trend without any signs of vulnerability.
Moreover, data from DefiLlama reveals that the Total Value Locked (TVL) of SUI has reached $388.24 million, showcasing a growing interest in its decentralized applications.
The fully diluted valuation (FDV) of SUI is approximated at $31.21 billion, reflecting the potential market value if all tokens were in circulation.
Backed by robust technical indicators and escalating trading volume, SUI is maintaining its bullish momentum while establishing new price milestones.