SUI has stormed past the $5 psychological mark, sparking excitement among investors. With a 10.93% recovery in the past 24 hours, SUI is showing signs of a strong bullish comeback.
Its market cap has now surged to $15.41 billion, challenging the bearish sentiment in the broader crypto market. But the big question remains: Can SUI maintain its momentum and hit $5.89?
Momentum
The SUI token’s recent 13.55% rally from a low of $4.4957 to $5.10 suggests that buyers are back in control. The 4-hour chart indicates a bullish resurgence from a local support trendline.
The double-bottom reversal near $4.50 shows that investors are accumulating at lower prices, adding to the optimism.
SUI’s recovery has surpassed the critical 61.80% Fibonacci retracement level at $5, further strengthening the bullish outlook.
The 4-hour RSI has also moved above the halfway mark, signaling improved market sentiment. Additionally, the anticipated bearish crossover between the 20 and 50 EMA lines has been averted, providing further support to the upward momentum.
Key Resistance
While SUI’s rally is impressive, the $5.35 resistance level could pose a challenge. Based on Fibonacci levels, the token is nearing the 78.60% retracement level at $5.17.
Breaking past $5.35 would set the stage for a potential rally toward $5.89. However, if the bullish momentum fades, a retest of the $5 psychological level could be on the cards.
SUI Price Levels
| Price Level | Significance |
|---|---|
| $5.00 | Psychological support |
| $5.17 | 78.60% Fibonacci level |
| $5.35 | Key resistance |
| $5.89 | Potential breakout target |
SUI’s technical indicators point to a strong bullish trend, with the market favoring upward movement. If the token clears the $5.35 resistance, the journey to $5.89 seems plausible.
However, the recovery’s sustainability will depend on whether buyers can maintain their momentum.
SUI’s performance is a classic example of how psychological levels and technical indicators shape investor sentiment. For now, all eyes are on whether this altcoin can keep climbing and redefine its all-time high.
