- SUI surged 10.50% in 24 hours, trading at $3.56 with a market cap of $10.85B.
- Holding above $3.00 support, SUI eyes $7 if bullish momentum continues.
The crypto market displays a positive outlook as most prices have recovered from the recent corrections. The bullish momentum has seen the overall crypto market cap surge by 2% to $3.24T despite the slight decline in the 24-hour trading volume to $97B, according to CMC data.
As major altcoins recorded significant gains following the bullish reversal, SUI has followed the same trend. The altcoin kicked off today’s session at $3.25, and the bullish momentum pushed the price to an intraday high of $3.58, where it faced rejection.
At press time, SUI is trading at $3.56, up by 10.50% in the past 24 hours, as per CMC data. The bullish momentum has elevated the weekly gain to 5% despite the weekly decline of 27%. In addition, the market cap and the trading volume have surged to $10.85B and $1.35B, respectively.
SUI Price Targets $7 as Key Support Holds
Sui has been trading above the critical $3.50 level, indicating a possibility of an upward movement. Despite being tested several times, the price has remained high, which is a positive sign of demand. Analyst Professor Moriarity believes that further upward movement could lift SUI to $7 if the bullish momentum holds.
First of all, SUI should move higher above $4 to achieve the predicted target of $7. Then, a run above $5.20 will strengthen the bulls’ next wave higher and open the door for further advance. However, if the sentiment changes and SUI goes below the support level of $3.50, the next target is $3.15 or below $3. It could be accelerated if the market goes into a broader market downturn.
If the current market sentiment holds, investors should keep an eye on the crucial resistance levels at $4 and $4.35 for confirmation of the next move. Additionally, a failure to hold support ($3.0) may lead to a bearish reversal.
Similarly, another crypto analyst noted that the SUI is ready for a strong bullish breakout from a wedge formation in a 4-hour timeframe. Should the SUI trend maintain the price above trendline resistance, the coin is capable of surging by 60% toward its all-time high of $5.35.
Can the SUI Price Break Past $4?
The 1-day technical indicators show that SUI has formed a bullish reversal as it breaks off the continuous descending channel. SUI is forming higher lows on the chart and looks ready to challenge resistance at the $3.90 region.
A successful break above this point could lead to a rally toward the 50-day SMA at the $4.23 region. However, a failure to break past this resistance level could lead to a consolidation around the $3.50 level.
Moreover, the Relative Strength Index (RSI) indicator rises from the oversold region at 46 indexes meaning an upward trend of buying pressures. If this trend continues, the RSI may move above the neutral region, leading to a breach above the $4.3 resistance level.
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