SUI Rockets 27%, Is FOMO Fueling The Bulls Or Just A Flash Fire?

• SUI has surged by over 27%, hovering around the $2.86 mark.
• Its 24-hour trading volume has jumped by 148%.
• Liquidations in the last 24 hours have reached $13.28 million.

The recovery attempts ultimately ended in a 5.89% surge in the broader crypto market cap, reaching $2.91 trillion, following the Treasury Secretary Scott Bessent’s statement that the tariff feud between the US and China is unsustainable.

It reflects a neutral sentiment in the market, with the Fear and Greed Index holding steady at 52. Following the suit, SUI posts a notable 27.79% gain. The downturn is fading, with signs of renewed strength. Only a sustained bullish price action could fix the price within a positive territory. 

The asset kicked off the day trading at the bottom of a $2.23 range. The mighty bullish arrival has accelerated the price to jump toward $2.93. As of now, SUI traded within the $2.86 level, with its trading volume reaching $2.13 billion. Notably, the altcoin has witnessed a 24-hour liquidation of $13.28 million.

Over the last seven days, SUI has recorded a gain of over 38.72%. The altcoin opened the week trading at around $2, and it moved upward, escaping from the bearish pressure, trading on the upside.

Will the SUI Bulls Stay in Charge?

The asset’s Moving Average Convergence Divergence (MACD) line has crossed above the signal line. This implies a potent bullish crossover and is likely to trigger a potential upside correction. 

SUI’s Chaikin Money Flow (CMF) indicator, found at 0.32, hints at strong buying pressure, and the money is flowing into the asset. Meanwhile, the daily trading volume has surged by over 148%. 

The active upside correction of the asset might push the price to the $3.12 level. Assuming SUI blasts past this level, it could drive to $3.39. Further progress in momentum builds a steady gain in the price trajectory.

If SUI’s uptrend runs out of fuel, a death cross might form and retest the $2.72 support. Losing this level could kickstart a steeper drop toward the $2.45 range. It likely acts as a make-or-break zone for the asset.

Moreover, SUI’s Bull Bear Power (BBP) value at 0.7811, suggesting that bulls are stronger than bears. Besides, the daily Relative Strength Index (RSI) at 90.82 indicates that the asset is overbought with the risk of a potential correction or pullback.

Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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