Within the past week, SUI [SUI] has witnessed a remarkable surge in its price, reaching $3.12. Over the last 24 hours, SUI has seen a rise of 9.30%, while over the week, it has surged by 65.36%. This growth has been supported by a substantial increase in trading volume, reaching $4.63 billion.
This surge in price has pushed SUI’s market capitalization to $8.87 billion, with a circulating supply of 2.8 billion tokens.
Analysis of the technical aspects suggests that the token is currently maintaining levels above critical support levels, indicating the potential for further price increases. Analyst Michaël van de Poppe commended SUI’s price performance, noting,
“The support level for $SUI has held firm, and we have seen a slight upward movement. New all-time highs!”
Utilization of Fibonacci Levels and Support Areas
Significant Fibonacci retracement levels highlight key support zones for SUI. The 0.618 level at $2.092 and the 0.382 level at $1.889 have been identified as crucial areas of support.
Additionally, a support level at $1.729 has been identified as a potential “aggressive entry point.” These levels serve as important reference points for traders to observe in case of price retracements.
SUI’s bullish trajectory has prompted analysts to forecast higher price targets. Based on the prevailing trend and market conditions, van de Poppe has estimated that SUI could achieve a price range of $5 to $6 in the current bullish cycle.
Major Technical Indicators Demonstrate Positive Momentum
Currently, SUI’s price hovers close to the upper Bollinger Band, denoting robust bullish momentum. Furthermore, the price has consistently remained above the middle line, which corresponds to a 20-day moving average.
The substantial gap between the present price and the middle line underscores high volatility and a robust uptrend.
With the Relative Strength Index (RSI) at 78.35, signaling an overbought status, there is notable buying pressure. However, this suggests the need for caution, as short-term corrections may be imminent.
Overbought conditions typically precede short pullbacks or consolidation phases.
Moreover, the Aroon Indicator reaffirms the prevailing strong trend. Aroon Up stands at 100%, indicating recent highs, while Aroon Down is at 0%, indicating an absence of recent lows.
This dual confirmation reinforces the enduring bullish trend without any indications of weakening.
According to DefiLlama data, SUI’s Total Value Locked (TVL) stands at $388.24 million, showcasing a growing interest in its decentralized applications.
The fully diluted valuation (FDV) of SUI is approximated at $31.21 billion, illustrating its potential market value with all tokens in circulation.
Backed by strong technical indicators and a rising trading volume, SUI remains on a bullish trajectory, establishing new pricing milestones.