SUI has surged 70% in the past seven days and is currently trading at $3.55. With bullish technicals, rising TVL, and an ecosystem revival, could the rally push SUI past $5?
With the bullish recovery in the crypto market, SUI has been one of the top performers over the past week. The SUI cryptocurrency has surged nearly 70% over the past seven days.
Currently, it is trading at $3.55, with a 24-hour rally of 16.88%. As the uptrend gains momentum, will the ecosystem boost and new partnerships drive the SUI price trend beyond the $4 mark? Let’s find out.
SUI Price Analysis
As predicted in our previous SUI price analysis, the Falling Wedge breakout rally has led to a sharp recovery. The uptrend has surpassed the 200-day EMA line and the 23.60% Fibonacci level at the $3 psychological mark, with a streak of five consecutive bullish candles.
With a fresh surge in bullish momentum, the MACD and signal lines have surged into a positive trajectory.
Additionally, the massive spikes in positive histograms highlight a strong possibility of an uptrend continuation. With the growing bullish influence, the uptick in the 50 EMA line teases a potential golden crossover.
Furthermore, the 100 and 200 EMA lines will likely regain positive alignment. Hence, with the breakout rally gaining momentum, the Fibonacci levels suggest the next crucial price target near the $5.29 peak.
This highlights a 50% upside potential. On the other hand, a potential retest of the broken 23.60% Fibonacci level at $3.00 will likely signal a buy-the-dip opportunity.
SUI Network Revival Records Key Metrics Surge
In a recent tweet, LookOnChain highlighted the sudden revival of the SUI ecosystem. The total value locked (TVL) of the SUI network has increased by nearly 40%, reaching $1.645 billion.
Furthermore, the volume of decentralized exchange trading over the past 24 hours has been close to $600 million. This marks a 177% surge over the past week.
Additionally, the stablecoin supply on the SUI network has seen rapid growth in the last two months, increasing from $482 million to $879 million, accounting for an 82% increase.
Hence, with the massive turnaround in the SUI network, the uptrend in its market price is likely to continue.
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.
