Despite increased volatility in Bitcoin and Ethereum ahead of the Consumer Price Index (CPI) data release, SUI has emerged as a standout performer in the crypto market. Over the past week, SUI maintained a bullish trend, soaring 15% to rank among the top weekly gainers. This impressive rise has left traders wondering whether SUI’s recent price jump above $1 could signal a new 52-week high. Let’s break it down.
Grayscale And BMOON’s Bullish Outlook For SUI
As the broader crypto market sentiment improves, SUI’s bull run is gaining momentum. Influential crypto analyst BMOON has recently tweeted about the token’s potential rally, setting a target price of $3.65. BMOON’s analysis suggests SUI is on track for a bullish cycle, with the token moving within a positive channel on the weekly time frame. According to his projections, SUI could hit $3.6552 if it sustains its upward trajectory.
Adding further fuel to this optimism is the recent involvement of Grayscale, one of the largest institutional crypto asset managers. Grayscale’s new Trust for SUI has opened doors for eligible investors to back this third-generation blockchain, designed to enhance scalability and reduce transaction costs. This endorsement from Grayscale reinforces positive market sentiment and strengthens the case for SUI’s long-term growth.
With a market cap of $2.713 billion, SUI currently ranks among the top 30 cryptocurrencies. The token recently reclaimed the psychological mark of $1 and experienced a 14.48% surge within 24 hours. Over the past week, SUI has seen a remarkable 26.17% increase, driven by a recovery rally that has caught the attention of traders and analysts alike.
From a technical perspective, SUI’s daily chart reveals a bullish cycle emerging from the 23.60% Fibonacci level. After testing the lower bounds of a falling channel, SUI has shown strong demand, leading to a notable 36.25% price jump in the last 10 days. This recovery has brought SUI to a crucial resistance point at the 50% Fibonacci level of $1.0541.
In recent trading sessions, the formation of a bullish engulfing candle with an 11.4% intraday surge has signaled improved market sentiment. This development suggests that a bullish breakout rally could be on the horizon for SUI. In the short term, key resistance levels lie at $1.23 (61.80% Fibonacci) and $1.55 (78.60% Fibonacci), which must be breached before SUI can aim for BMOON’s target of $3.65.
Key Technical Indicators
- EMA: The 50-day and 200-day Exponential Moving Averages (EMA) are currently in a bearish alignment. However, the recent bullish momentum has sparked an uptick in the 50-day EMA, hinting at a potential golden crossover, which could further strengthen the bullish case for SUI.
- MACD: The Moving Average Convergence Divergence (MACD) indicator has given a bullish crossover, with both the MACD line and signal line trending positively. A series of rising positive histograms supports the ongoing uptrend, indicating strong bullish momentum.
Also Read: SUI Price Soars 5% To $0.935 – Will AUSD Boost Propel It Past $1?
Will SUI Hit a New 52-Week High?
With the recent recovery rally, SUI is gaining significant attention from investors and analysts alike. If it continues to break key resistance levels, the potential for a new 52-week high is strong. The bullish sentiment from institutional players like Grayscale and optimistic projections from analysts like BMOON suggest that SUI’s upward trajectory is far from over. However, traders should watch for potential resistance at $1.23 and $1.55 in the near term before aiming for higher price targets.
SUI’s price action over the next few weeks will be critical in determining whether it can break out and sustain a long-term bull run. For now, the crypto world is keeping a close eye on this promising token.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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