The Sui price climbed 4% in the last 24 hours to trade at $4.80 as of 9:05 p.m. EST on trading volume that rose 2% to $1.7 billion, according to Coingecko.
Sui Price Aims For A Breakout To Continue Its Bullish Rally
Over the past few weeks, the Sui price has been in a well-established uptrend, as evidenced by the formation of higher highs and higher lows within a parabolic curve. Recently, the asset broke out of a rounding bottom which is a bullish continuation pattern, signaling further upward momentum.
The price of Sui is currently consolidating just below the $4.93 resistance level, which represents the most recent swing high. This consolidation could be indicative of a pause in the rally, often referred to as a bull flag.
The key support levels to monitor lie at $4.24 (the 50-day Simple Moving Average (SMA)) and $3.67 (the 200-day SMA), both of which have acted as strong areas of support during the uptrend.
Meanwhile, the Relative Strength Index (RSI) is currently at 68.43, indicating that the asset is approaching overbought territory but has not yet reached extreme levels. This suggests there is still room for further upside before a correction or consolidation becomes more likely.
The Moving Average Convergence Divergence (MACD) histogram is positive, reflecting bullish momentum, with the blue MACD line above the orange signal line.
SUI/USDT Chart Analysis (Source: Tradingview)
Sui Price Prediction
Given the bullish structure and strong technical indicators, the Sui price is likely to continue its upward trajectory in the medium term. The next major resistance to watch is at $5.00, a psychological level that, if broken, could lead to an extended rally toward $5.50 or higher.
If a correction occurs, a retest of the $4.00-$4.24 support zone would provide an opportunity for buyers to re-enter the market. Conversely, if the price of Sui breaks below the 200-day SMA at $3.67, the bullish thesis could be invalidated.
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Best Wallet Raises Over $4.1 Million In Presale
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