SUI Price Surges Above $5, Eyes $10 Mark
The SUI price has witnessed a significant surge in the past few days, jumping from around $4 to new highs above $5. This rally has propelled its market capitalization by over 17%, outpacing major altcoins like LINK, TON, XLM, & SHIB. Despite facing some bearish pressure, the bulls are defending key support levels and aiming to establish a fresh uptrend. With favorable technical indicators and positive market sentiment, the SUI price is poised for further gains in the days ahead.
SUI has garnered attention by closely following SOL price’s impressive recovery from single-digit levels. It has become a notable player among Layer 1 solutions, alongside Solana, Aptos, Sei, among others. The recent unlocking of 82 million SUI tokens, representing nearly 0.82% of the total supply, has likely fueled demand and contributed to its growth. Additionally, positive funding rates and a majority of traders holding long positions underscore the token’s increasing potential.
Amidst these developments, the burning question arises: can the SUI price reach $10 this month?
Currently, the SUI price is trading within a rising parallel channel. Following a move from support to above-average bands, the price is experiencing some resistance. While the bulls are striving for a strong rebound, technical indicators suggest a potential minor pullback, with levels dipping slightly below $5. A bearish crossover on the stochastic RSI further supports this scenario. However, Bollinger bands indicate a bullish continuation, with the potential for expansion until the price hits the upper channel resistance, potentially reaching new all-time highs around $5.8 to $6.
Prior to this anticipated move, the SUI price may undergo a slight pullback below the average bands, hovering below $5. This correction could attract significant liquidity and spark a rebound. Notably, SUI has been excelling in the decentralized exchange (DEX) realm, surpassing $2 billion in total value locked (TVL) to set a new record. The token has also achieved a milestone of over 8 billion transactions, doubling in Q4 2024 following a breakout. As a result, the SUI price outlook for 2025 remains bullish, with ample potential for reaching new highs in the near future.