- SUI hits $3.12 with a 65% weekly gain, supported by $4.63 billion in trading volume.
- Analysts predict that SUI could reach $5-6 amid strong bullish signals and rising TVL.
Sui (SUI) experienced a strong bullish breakout, with the price climbing up to $3.12. SUI gained 9.30% over the past 24 hours and 65.36% over the past week, supported by a significant increase in trading volume, which reached $4.63 billion.
This price action propelled SUI’s market capitalization to $8.87 billion, with a circulating supply of 2.8 billion tokens.
Technical analysis indicates that the token is holding above key support levels, suggesting further upside potential. Michaël van de Poppe, crypto analyst note that SUI’s price action has been impressive, stating:
“The hold zone on $SUI held, and we had a slight, very slight upward movement. New ATHs! »
Fibonacci Levels and Support Zones
Key Fibonacci retracement levels indicate important support zones for SUI. The 0.618 level at $2.092 and the 0.382 level at $1.889 were labeled as “hold areas”.
An additional support level at $1.729 is marked as an “aggressive zone for an entry”. These levels provide crucial points for traders to watch for in the event of price retracements.
Source:
SUI’s bullish momentum has also led analysts to predict higher price targets. Van de Poppe predicts that SUI could reach $5-6 during the current bull cycle, given the current trend and market dynamics.
Main technical indicators show bullish momentum
SUI price is currently positioned near the upper Bollinger band, reflecting strong bullish momentum. The price has consistently remained above the midline, which serves as the 20-day moving average.
The significant distance between the current price and the midline indicates high volatility and a strong uptrend.
The relative strength index (RSI) was at 78.35, placing the token in overbought territory. This indicates strong buying pressure, but indicates that traders should watch for possible near-term corrections.
Ohverbal buying conditions often lead to brief pullbacks or consolidation phases.
Source: Trading View
Furthermore, the Aroon indicator once again confirms a strong trend. The Aroon Up is at 100%, showing new recent highs, while the Aroon Down is at 0%, showing no recent lows.
This combination confirms that the uptrend remains intact with no signs of weakening.
Furthermore, according to DéfiLlama dataSUI’s total value locked (TVL) stands at $388.24 million, reflecting growing interest in its decentralized applications.
Read Sui (SUI) Price Forecast 2024-2025
The fully diluted valuation (FDV) of SUI is estimated at $31.21 billion, indicating the potential market value if all tokens were in circulation.
With strong technical indicators and growing trading volume, SUI continues to show bullish momentum by setting new price benchmarks.
