SUI has surged significantly, rising 30.48% in a breakout rally and surpassing the $5 mark for the first time. With this momentum, the crypto community is abuzz with speculation: could SUI be on the fast track to reach $8?
Looking at the price chart, the price broke through the $4.20–$4.30 resistance zone, which has now turned into strong support. This breakout is backed by robust buying momentum and a consistent alignment with an upward trendline.
The impressive surge has pushed the market cap above $15.6 billion, with a 179.53% increase in trading volume to $2.28 billion recorded in the last 24 hours, according to CoinMarketCap.
Source: TrandingView
SUI is currently holding steady above its 200-day Exponential Moving Average (EMA), which is well below at $4.1679, further reinforcing the bullish momentum.
Moreover, indicators such as the RSI are showing overbought conditions (it’s at 77), suggesting there could be some short-term consolidation, but the MACD continues to signal strong upward momentum.
What’s Next for SUI?
This breakout didn’t happen by chance. SUI’s performance over the past year has been marked by resilience. It reached its lowest point at $0.70 in mid-2024, a level that aligned with significant Fibonacci retracement zones.
From there, it began to rise, posting higher highs and higher lows. The breakout from the descending channel earlier this year was the pivotal moment that set the stage for this rally.
Source: TrandingView
In the short term, the price appears to be stabilizing after the impulsive buying. However, the price may dip back to retest a demand zone in the $4.2 to $4.4 range. If the market holds this zone, it could be targeting $6 next. Beyond that, $8 remains a possibility if the momentum continues.
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