SUI Aims for $2 as Buyers Eye Major Fibonacci Breakout

With a bullish breakout run for SUI extending above $1, will buyers manage a recovery run to $2?

With a market cap of $2.95 billion, the SUI token ranks 27th among the top cryptocurrencies. Just shy of $3 billion, the SUI token trades at $1.10, with a 24-hour price jump of 1.40%. 

Amid the growing demand for SUI, will the altcoin hit the $2 psychological mark as the broader market prepares for a bounce back?

SUI’s Dominion Over $1

Last week, the SUI token surged by 14.82% from $0.9398 to $1.0785, following the 23.4% jump a week prior. The bullish recovery teases a rounding-bottom reversal with a neckline at the 38.20% Fibonacci level at $1.1250. 

The ongoing recovery is on its way to making the third consecutive bullish candle with a constant rise in buying pressure. Currently, the SUI token is trading at $1.0988, with a gain of 1.97% from the opening price of $1.0755, and the triple white soldier pattern accounting for a surge of 7%. 

The SUI token reveals the recovery rally gaining momentum after the falling channel breakout in the daily chart. Following the breakout run, the bullish engulfing candle formed on September 12 with an 11.84% surge boosted the uptrend. 

SUI Performance and Technical Indicators

The SUI token is trading at a 49% discount from its all-time high price of $2.1816. However, its YTD growth stands at 41.71%, revealing a highly volatile price action in 2024.

As the SUI token surpasses the 200-day EMA, the bullish influence is on the rise. The uptick in the 50-day EMA teases a potential golden crossover with the intent to cross the 200-day EMA. Further, the bullish momentum leads to a fresh rally in the MACD signal lines with a rising intensity in the positive histograms. 

Will SUI Price Hit $2?

A bullish breakout of the 38.20% Fibonacci level will label 61.80% and 78.60% levels as potential targets. The respective Fibonacci levels are at $1.4896 and $1.7492.

Optimistically, a bullish recovery in alliance with the broader market recovery will hit the $2 mark. On the other hand, crucial support is at the $1 psychological mark, and the 23.60% Fibonacci level is at $0.8994 in a bearish scenario.