Driven by bullish momentum, the SUI price soared to a new high of $5.35 before facing market adjustments.
Subsequently, the token has retreated below $5, down 8.58% from its historical high. This pullback has sparked speculation about SUI's future trends. The market is now questioning whether the token will regain bullish momentum and break through $6 or continue to fall into a bearish trend.
Will SUI experience a bull market surge or a bear market crash?
The Sui price token firmly maintains its position within an upward channel on the daily chart. This trend shows a promising bullish trajectory, attracting the attention of market observers.
The currency pair may retrace to the support level of $4.2385, providing traders with an important opportunity to continue bullish. This scenario could enhance confidence in the currency's upward movement, encouraging more buying activity.
Looking ahead, the upward momentum points to noteworthy price targets of $5.81, $6.81, and possibly higher levels. These targets align with the strengthening trend of the asset and ongoing positive sentiment.
Path to $6
SUI has already proven strong enough, breaking the psychological barrier of $4.80, which also helps establish a solid support level as investors await an increase in upward momentum at this support level.
If SUI can break through the resistance level of $5.67, it may continue to climb to $6. As for the 2025 prediction, estimates range from $4.4 to $8.8 based on market performance and investor sentiment. That said, the unpredictability of the cryptocurrency market means that corrections can happen at any time, so it’s always wise to be cautious.
SUI Technical Analysis
On January 6, the price of the first layer token surged to an all-time high of $5.35, with a weekly increase of 20%. However, the token price quickly fell back to $4.90, sparking debates about its future price trends.
Meanwhile, Bitcoin experienced a market adjustment, dropping below $98,000 after a brief breakthrough of $102,000, leading to significant liquidations. Investors are now closely monitoring SUI's performance in the changing market environment and the broader impact of Bitcoin's adjustment on altcoin performance.
As of the report's release, the SUI price is $4.9115, slightly up by 0.38%. The current price trend places it within a critical range, with support at $4.8656 and resistance at $6.00. This range indicates a consolidation phase, suggesting that traders are waiting for a decisive breakout.
The Relative Strength Index (RSI) is at 45, moving down from an overbought state. This decline indicates a weakening bullish momentum, suggesting that unless a reversal occurs, the price may experience sideways or bearish trends. The Awesome Oscillator (AO) shows a decrease in positive momentum, with red histogram bars appearing.
The Sui price is at a critical stage, between the potential for a bullish breakout and a continuation of the bearish trend. Whether SUI breaks through $6 or continues to face pressure depends on market dynamics and key support levels.
Volatility and investor caution
Although buyers are very excited, they should be cautious as the market is ever-changing. Due to the fragility of cryptocurrencies, corrections may occur. With the RSI and moving averages rising, they must be monitored to assess SUI's health.
Strong technical indicators suggest that SUI could rise. If it breaks through $5.67, the altcoin may reach $6. It is important to remain vigilant and cautious with all cryptocurrencies when the market changes.
Currently, the price has retreated, with SUI trading at $4.75, up 15.84% over the past week.