SUI rallies with a breakout above $3.50, fueled by 29% of Ethereum outflows. Could a golden cross push SUI to a new all-time high?
As the total crypto market cap, excluding Bitcoin and Ethereum, recovers to $828.61 billion with a 7% surge this month, altcoins are gaining momentum. SUI is among the top-performing assets, recording a 58% increase in April.
The SUI token has surged from an opening price of $2.26 to a current market price of $3.58. Now holding above the $3.50 resistance-turned-support level, bulls are aiming for a new all-time high.
SUI Price Analysis
On the daily chart, SUI shows a bullish reversal, marking the end of a recent pullback phase. The rally has led to a breakout from a falling wedge pattern.
The uptrend broke through both the 200-day EMA and the 23.60% trend-based Fibonacci level at $3.30. However, after clearing this key resistance, momentum has slightly weakened.
This is indicated by the formation of multiple doji candles on the daily chart. Still, with the broader bullish trend intact, the 50-day and 200-day EMAs are on track to form a golden cross—a historically bullish signal.
Additionally, the daily RSI remains in overbought territory, reflecting strong upward momentum.
SUI Receiving Ethereum Outflows
Beyond price action, the SUI network itself is experiencing increased traction. According to a recent tweet by Torero Romero, data from Wormhole Scan shows a notable transition of Ethereum funds to the SUI network.
Over the past 365 days, 29% of Ethereum outflows via the Wormhole Bridge have been directed to SUI. This growing adoption positions the SUI network as an emerging Ethereum alternative, potentially driving even greater demand for the token in the coming months.
SUI Price Targets
Based on current price action and network momentum, the SUI uptrend is likely to continue. According to trend-based Fibonacci levels, the rally could target the 61.80% level, near $8, signaling a potential new all-time high.
On the downside, critical support lies below $3.30, with the 200-day EMA at $2.79 as the next key level.
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.
