With SUI reaching a new all-time high at $5.3580, will bulls extend the rally to the $6 mark this week?
As Bitcoin breaks above the $99,000 mark, the overall crypto market sentiment has significantly improved, with bulls eyeing the $100,000 milestone. Amid this positive sentiment, the SUI token is experiencing a breakout rally.
Achieving a new all-time high, the altcoin is showing considerable upside potential. Will this lead to an extension toward $5.50?
SUI Price Analysis
In the 4-hour chart, the SUI price action reveals a triangle pattern breakout, crossing the supply zone at $4.80. This breakout marks a significant milestone, as predicted in our previous SUI price analysis, and has created a new all-time high.
The bullish recovery has propelled the 7-day price change to 26.80%, with the market capitalization rising to $5.59 billion. This impressive growth highlights increasing investor interest. Meanwhile, SUI’s price trend has shifted sideways after hitting a high of $5.3580, revealing critical support at the $5.16 level.
The range breakout rally has triggered a positive crossover between the 50 and 100 EMA lines, creating a bullish alignment of these averages. Furthermore, the 4-hour RSI briefly entered the overbought zone, showcasing strong bullish momentum.
However, the slight slowdown has caused the RSI to dip slightly below the overbought zone, indicating a temporary pause in the rally. Despite this, the technical indicators continue to signal a buy for SUI, suggesting further potential for growth.
At present, the SUI token is trading at $5.170 with a potential double-bottom reversal, which could strengthen the bullish outlook.
SUI Price Targets
Based on the Fibonacci retracement levels, the altcoin will likely encounter resistance at the $5.40 level, corresponding to the 23.60% retracement level. The bull run may target price levels at $5.67 or $6.00 in the short term.
On the downside, the critical support for SUI remains at the $5.00 psychological level, followed by the $4.80 supply-turned-demand zone.
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.
Source: https://thecryptobasic.com/2025/01/06/sui-token-hits-all-time-high-bulls-eye-a-rally-toward-6/?utm_source=rss&utm_medium=rss&utm_campaign=sui-token-hits-all-time-high-bulls-eye-a-rally-toward-6