SUI surges 65% in a week, analysts predict $6 price target

• SUI hits $3.12 with a 65% weekly gain, supported by $4.63 billion in trading volume.
• Analysts predict SUI could reach $5-$6 amid strong bullish signals and rising TVL.

Sui [SUI] has experienced a strong bullish breakout, with the price surging to $3.12. SUI has gained 9.30% in the last 24 hours and 65.36% over the past week, supported by a significant increase in trading volume, which reached $4.63 billion. 

This price action has propelled SUI’s market capitalization to $8.87 billion, with a circulating supply of 2.8 billion tokens.

Technical analysis indicates that the token is holding above key support levels, suggesting further upside potential. Crypto analyst Michaël van de Poppe noted that SUI’s price action has been impressive, stating, 

“The area to hold on $SUI did hold, and we did have a slight, just slight, upwards move. New ATHs!”

Fibonacci levels and support zones

Key Fibonacci retracement levels indicate important support zones for SUI. The 0.618 level at $2.092 and the 0.382 level at $1.889 have been labeled as “areas to hold.” 

An additional support level at $1.729 is marked as an “aggressive area for an entry.” These levels provide crucial points for traders to monitor in case of price retracements.

Source: X

SUI’s bullish momentum has also led analysts to predict higher price targets. Van de Poppe has projected that SUI could reach $5-$6 during the current bullish cycle, given the current trend and market dynamics.

Key technical indicators show bullish momentum

SUI’s price is currently positioned near the upper Bollinger Band, reflecting strong bullish momentum. The price has consistently stayed above the middle line, which serves as a 20-day moving average. 

The significant distance between the current price and the middle line indicates high volatility and strength in the uptrend.

The Relative Strength Index (RSI) was at 78.35, placing the token in overbought territory. This indicates strong buying pressure but signals that traders should monitor for potential short-term corrections.

Overbought conditions often lead to brief pullbacks or consolidation phases.

Source: TradingView

Additionally, the Aroon Indicator provides further confirmation of a strong trend. The Aroon Up is at 100%, indicating recent new highs, while the Aroon Down is at 0%, showing no recent lows. 

This combination confirms that the bullish trend remains intact without any signs of weakening.

Moreover, according to DefiLlama data, SUI’s Total Value Locked (TVL) stands at $388.24 million, reflecting growing interest in its decentralized applications. 

Read Sui [SUI] Price Prediction 2024-2025

The fully diluted valuation (FDV) of SUI is estimated at $31.21 billion, indicating the potential market value if all tokens were in circulation.

With strong technical indicators and increasing trading volume, SUI continues to display bullish momentum as it sets new price benchmarks.