$SUI Price Analysis: Can SUI Surpass $5.

The SUI token has seen a notable increase of 4.24% in the past 24 hours, reaching the $4.50 mark. With a market cap of $13.24 billion, this recovery suggests a potential bull run by the end of 2024. Currently, SUI is trading at $4.5370, experiencing an intraday pullback of 3.66% after a 9% overnight recovery. This surge formed a bullish engulfing candle, completing a morning star pattern and hitting a 24-hour high of $4.75.

In the 4-hour chart, $SUI shows bullish dominance at the local support trendline, with two consecutive engulfing candles. Despite breaching the 50% Fibonacci level, the bullish momentum couldn’t hold, leading to a triple black crow setup with three consecutive bearish candles.

The $SUI network’s total value locked (TVL) has surged to $1.782 billion, a 12% increase over the last 30 days, nearing the $2 billion milestone. The stablecoin market cap is close to $400 million, with a 24-hour volume of $409.28 million.

Short-term pullbacks target a retest of the 38.20% Fibonacci level at $4.20. However, strong support and demand hint at a potential rise to the $5 milestone. The rising channel pattern indicates a bullish potential to reach $5.71, suggesting an upside of nearly 30% despite market volatility.