SUI Price Surges Past Bearish Channel: Is a 15% Jump to $3.65 on the Horizon?

SUI Price Surges Past Bearish Channel:

Is a 15% Jump to $3.65 on the Horizon?

With a strong bullish comeback, the SUI price has successfully broken out of a short-term bearish channel. Bouncing back from the key $3 support level, the altcoin exhibits a potential 15% surge within a parallel range. Can this recovery ignite a further breakout rally?

SUI Network Expands, Strengthening Its Ecosystem

• The SUI network now boasts over 56 billion total addresses, reinforcing its market dominance.
• Decentralized exchange (DEX) trading volume on SUI has surged to $61 billion, reflecting a 20% recovery.
• Fibonacci resistance at $3.81 remains a crucial price level to watch for the next major move.

SUI Breaks Out Amid Market Recovery

As the broader crypto market experiences a resurgence, SUI has gained significant bullish momentum. The price of SUI currently sits at $3.18, marking an impressive intraday rise of 3.85%.

Sustaining its position above the $2 psychological support, SUI is demonstrating the potential for a 15% rally. Let’s analyze whether this breakout could lead to a sustained uptrend.

Technical Analysis:

SUI’s Sideways Trend Hints at a Breakout

Examining the 4-hour chart, SUI has been consolidating between two key price zones:

• Resistance Zone: $3.63 – $3.67
• Support Zone: Around $3.00

Despite a recent bearish phase within these levels, a strong bounce from the $3.00 mark has pushed SUI past the resistance trendline. This breakout signals a possible bullish rally, with the price already surging 7% and currently testing the 23.6% Fibonacci level.

If SUI successfully breaches this Fibonacci level, a rapid increase could follow, with $3.65 as the next major resistance. The most significant hurdle remains at $3.81, where Fibonacci resistance could determine whether the uptrend continues.

Technical Indicators Favor Bulls

• MACD Indicator: The MACD and signal lines are nearing a bullish crossover, indicating a potential trend reversal.
• Directional Movement Index (DMI): The VI lines are converging, suggesting that a bullish alignment could soon take shape.

Fundamental Strengthening:

Can SUI Sustain Its Bullish Run?

Supporting this bullish momentum, the SUI network has shown remarkable growth. With total addresses surpassing 56 billion, the network’s fundamentals remain strong. Additionally, daily active addresses on the SUI network have overtaken some base ecosystems, highlighting increased adoption.

The decentralized exchange (DEX) volume has also risen to $61 billion, reflecting a 20% growth over the past month. With this resurgence and broader market stability, SUI could be poised for another major leg up.

SUI Price Predictions & Key Levels

According to Fibonacci retracement levels:

• A breakout above the 23.6% Fibonacci level could propel SUI to $3.65, marking a 15% increase.
• If SUI crosses the 61.8% Fibonacci level, it could break out of its short-term consolidation phase, targeting $4.50 and potentially $5.00 in the next bullish leg.

Support Levels to Watch

On the downside, crucial support lies at:

• $3.00 Psychological Support: Buyers are actively defending this level, increasing liquidity and adding weight to the bullish reversal.
• $2.86 Horizontal Support: A dip below this level could indicate a return to bearish sentiment.

Conclusion:

Will SUI Maintain Its Bullish Momentum?

With a combination of strong network fundamentals, increasing DEX volume, and favorable technical indicators, SUI seems well-positioned for further upside. However, traders should watch key resistance levels and Fibonacci retracements closely to gauge the sustainability of this rally.

If SUI maintains its bullish momentum and overcomes its immediate hurdles, a move towards $3.65 and beyond could be on the horizon. However, failure to break through key resistance zones may lead to another consolidation phase.

Keep an eye on the market trends and trade wisely!