As Bitcoin breaks above the $99,000 mark, the overall crypto market sentiment has significantly improved, with bulls eyeing the $100,000 milestone. Amid this positive sentiment, the #SUI token is experiencing a breakout rally.
Achieving a new all-time high, the altcoin is showing considerable upside potential.
SUI Price Analysis
In the 4-hour chart, the SUI price action reveals a triangle pattern breakout, crossing the supply zone at $4.80. This breakout marks a significant milestone, as predicted in our previous SUI price analysis, and has created a new all-time high.
The bullish recovery has propelled the 7-day price change to 26.80%, with the market capitalization rising to $5.59 billion. This impressive growth highlights increasing investor interest. Meanwhile, SUI’s price trend has shifted sideways after hitting a high of $5.3580, revealing critical support at the $5.16 level.
The range breakout rally has triggered a positive crossover between the 50 and 100 EMA lines, creating a bullish alignment of these averages. Furthermore, the 4-hour RSI briefly entered the overbought zone, showcasing strong bullish momentum.
However, the slight slowdown has caused the RSI to dip slightly below the overbought zone, indicating a temporary pause in the rally. Despite this, the technical indicators continue to signal a buy for SUI, suggesting further potential for growth.
At present, the SUI token is trading at $5.170 with a potential double-bottom reversal, which could strengthen the bullish outlook.
SUI price chart
