Amid the potential for a new altcoin season, SUI is now aiming for a breakout rally to reach $5.35 and possibly a new all-time high.
As Bitcoin breaks above the $97,000 mark, altcoins are experiencing a bullish run. The total crypto market cap, excluding Bitcoin, has reached $1.22 trillion, with a 24-hour surge of 1.79%.
Among the top-performing altcoins, SUI is regaining momentum. With a potential double-bottom reversal forming, the SUI price trend is signaling a bullish recovery. Will this recovery result in a new all-time high? Let’s explore.
SUI Price Reversal Nears $3.60 Neckline
In the daily chart, the SUI price trend witnessed a bullish failure to cross the $5.35 resistance in early 2025. This resulted in a quick downfall, testing the $3 psychological mark.
The pullback phase accounted for a downfall of nearly 45%. However, strong bullish dominance at the $3 psychological mark, supported by the 50% Fibonacci level, helped absorb the incoming supply.
The SUI price trend currently hints at a potential double-bottom reversal from this critical level. The double-bottom pattern is generally considered extremely bullish after a pullback phase. The neckline of the bullish pattern lies at $3.60.
Currently, SUI trades at a market value of $3.29, with an intraday recovery of 2.36%. This is a bullish extension of the 5.19% jump yesterday.
With its two consecutive bullish patterns, the SUI price trend is hinting at a V-shaped reversal to complete the double-bottom pattern. Meanwhile, SUI is facing opposition from the 20-day SMA line, acting as the midline of the Bollinger bands.
Rising Social Dominance Supports Bullish Path
According to a recent post by LunarCrush Analytics, SUI’s social dominance has significantly recovered. The project’s social activity across all platforms is at its highest level in the past four months.
With the recent surge, SUI now accounts for 1.8% of all social activity in the crypto space, reflecting growing interest and hype around the project.
Will the TVL Rise Again?
On the DeFi side, the total value locked (TVL) of the SUI network remains at $1.455 billion. This marks a significant decline since the beginning of 2025.
On January 1, the TVL was at $1.641 billion but has now dropped by 11.32% to $1.455 billion. Despite this, the daily volumes remain healthy at $185.83 million, with a stablecoin market cap of $478.96 million.
Given the solid liquidity across the network, the TVL is expected to recover. If it surpasses the 2025 high of $2.065 billion, the bull run in the SUI price trend could likely restart.
SUI Price Targets
Supporting the bullish outlook, the lower Bollinger Band has seen a significant uptick. However, the upper Bollinger Band continues its downward trend.
Still, the shift in momentum has triggered a positive crossover in the MACD and signal lines. With the rise of bullish histograms, the momentum indicator now supports breakout prospects.
According to the Fibonacci levels, the neckline is likely above the 68.9% level at $3.46. As such, the double-bottom reversal could challenge the 78.6% Fibonacci level at $4.19.
In an optimistic scenario, the Fibonacci levels suggest price targets ranging from $5.35 to $7.29 as the broader market recovers. On the downside, the $3 psychological mark is supported by the next horizontal level at $2.64.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
