Will SUI Ride the Bull Wave to Fresh Peaks?

• SUI currently trades at $3.20 mark, having gained over 9%.
• The daily trading volume has surged by over 128%.

The crypto market has moderately regained the lost momentum, with the assets reclaiming their previous highs, entering the bullish phase. Bitcoin, the largest asset, is hovering at around $111K. Among the altcoins, SUI has posted a steady jump of over 9.74% in the last 24 hours. 

The asset opened the day trading at around $2.93, and the bullish correction has triggered SUI to hit a high of $3.25, breaking the resistance at $2.98 and $3.22. According to the CMC data, SUI trades within the $3.23 range, with a market cap of $11.12 billion. The asset’s daily trading volume has increased by over 128%, reaching $1.28 billion. Notably, Coinglass reported that the market has experienced a 24-hour liquidation of $4.07 million worth of SUI. 

Zooming in on the weekly price chart of SUI, a moderate 5.92% surge was registered. The asset began trading the week at $3, and the bears pulled the price back toward $2.83. The recent upward correction has pushed the SUI to trade at the current trading level. 

Can SUI Hold Its Bullish Momentum?

SUI’s recent price surge could potentially drive the price to its key resistance at the $3.28 range. If the upside correction continues, the asset might invite the golden cross and climb further and test the resistance above the $3.35 mark. However, if the asset’s uptrend weakened, the price might immediately retrace toward the $3.17 level. Assuming this range fails to hold, SUI’s sturdy downside correction could send the price to a low of $3.07. 

Moreover, the asset’s Moving Average Convergence Divergence (MACD) line has crossed above the signal line. It indicates an upward momentum, with the potential for further gains. Besides, the indicator that assesses the capital flow, the Chaikin Money Flow (CMF), is found at 0.26, suggesting that the capital is flowing into the asset. Also, there is strong buying pressure within the market. 

The daily relative strength index (RSI) value is resting at 82.76 signals that the asset is in the overbought zone, and it could be due for a pullback or consolidation. SUI’s Bull Bear Power (BBP) reading of 0.3277 implies that the bulls have the upper hand in the market, hinting at continued upward momentum.