Sui (SUI) is moving in a bullish price trajectory after bouncing from the key support zone, which paves the way to a strong rally. According to CoinMarketCap, the SUI price has surged by 3.85% over the last 24 hours and 5.28% over the last week.
At the time of writing, SUI is trading at $0.9811, with a trading volume of $485.66 million, which has surged by 77.14% over the last 24 hours. However, its market capitalization stands at $3.89 billion, which has also surged by 3.9%.
Source: CoinMarketCap
Also Read: Sui Holds Near $0.95 as Breakout Setup Targets $5 Rally Potential
SUI Descending Channel Signals Bullish Move to $4.20
Furthermore, the crypto analyst Jonathan Carter highlighted that SUI is approaching a potential breakout from a long-term descending channel on the daily chart, with price action tightening near resistance.
Momentum indicators are gradually turning bullish, suggesting weakening selling pressure. Buyers are stepping in more consistently, hinting that a structural shift may be developing as the market tests a critical technical zone now unfolding
Technically speaking, the token is currently approaching the top end of its descending channel, which represents an important resistance point that has limited several previous attempts at recovery.
It would not be surprising if a successful breakout beyond this point, particularly one with increased volume, marked a move from the current sideways range to a bullish phase.
Source: Jonathan Carter’s X Post
There is close observation among traders regarding the possible continuance of the breakout, as upside targets can be expected at various levels of resistance, such as $1.05, $1.35, $1.95, $2.40, $3.10, and $4.20.
The inability to break above resistance may bring about a period of ranging before further bullish expansion takes place.
SUI Technical Indicators Show Strong Bullish Outlook
According to TradingView, SUI has a strong bull trend, as the price continues to rise towards the $1.00 level. The cryptocurrency is currently above the upper Bollinger band, indicating high volatility and momentum.
This is further verified by the positive MACD crossover, where the histogram is green, showing that bulls are in control.
Source: TradingView
Even amid this momentum, the RSI reading of 64.87 is approaching overbought levels, implying that the bullish momentum could soon need a rest period.
In case prices are unable to overcome the current resistance level, there is a probability that the token will pull back towards the 20-day simple moving average (SMA) at 0.94757.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: SUI Secures Japan FSA Approval, Expands Listings Across 7 Exchanges
