SUI gains bullish momentum following a wedge breakout. With a golden crossover forming and TVL rising, can it reach the $6 milestone?
With a strong attempt to break into the top 10 cryptocurrencies, SUI is currently trading at $3.34. The project boasts a market cap of $11.16 billion and has recorded a 0.64% gain in the past 24 hours.
SUI price remains above the $3.30 level, hinting at a potential bounce following a retest. Could the golden crossover between the 50- and 200-day EMAs ignite the next major rally toward $6?
SUI Price Analysis
SUI’s daily chart showcases a bullish breakout of a falling wedge pattern. This wedge breakout rally marked the end of the prevailing declining phase during Q1 2025.
Between early January and April, the price declined nearly 65%. However, the recent rebound has pushed the price above both the 50- and 200-day EMAs, as well as the key psychological level at $3.
Currently, SUI is holding above $3.30 at the 23.60% trend-based Fibonacci retracement level. The surge in bullish momentum has brought the 50- and 200-day EMAs close to forming a golden crossover.
If this uptrend continues, the crossover could confirm a strong bullish signal. Supporting the bullish case, the Chaikin Money Flow Index remains positive, recently spiking to 0.18.
With continued positive money flow, the uptrend appears sustainable. If a post-retest recovery follows, Fibonacci levels point to a near-term target of $4.63 (38.20% retracement).
In a more optimistic scenario, the rally could extend to the 50% Fibonacci level, hitting the $6 mark. This would mark a new all-time high for SUI, driven by the ongoing bullish breakout.
On the downside, immediate support lies just below $3.30, at the 200-day EMA around $2.83.
SUI Ecosystem Strengthens as Stablecoin Market Cap Hits All-Time High
As SUI eyes a new all-time high, its ecosystem continues to gain strength. According to SUIScan, the total value locked (TVL) on the SUI network stands at $1.77 billion, with total accounts reaching 177 million.
Additionally, DeFiLlama data shows that the SUI stablecoin market cap has climbed to $918 million—a new all-time high. As of May 6, daily DEX volume on the SUI network has reached $487.99 million.
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.
