The cryptocurrency market is closely following the remarkable performance of SUI price, a Layer-1 protocol blockchain approaching its all-time high of $2.18. As SUI price continues its upward momentum, with over 123% gains in the last month, traders are eager to see whether the token will surpass its previous peak or encounter resistance. Currently, SUI price is hovering around $2, close to its ATH, making it one of today’s top gainers.
SUI Bullish Momentum: Is A New ATH For SUI Price on The Horizon?
In recent days, SUI price surge has captured the market’s attention, particularly after an 18% gain on Monday. This surge followed a weekend bounce off a crucial support level at $1.611, setting the stage for SUI bullish momentum. Over the past 24 hours, SUI price surged again to highs of $2.13, placing it at the forefront of the altcoin market and even closer to its ATH.
SUI bullish momentum is further supported by its impressive total value locked (TVL), which recently surpassed the $1 billion mark. Notably, Bybit’s Launchpool added support for SUI, marking it as the platform’s first native cryptocurrency. Additionally, daily transaction volume on the SUI blockchain has surged by 120% in October alone, rising from $4.1 million to $9 million, which indicates strong market interest.
Rising Market Capitalization and Trading Activity
SUI market cap has also seen a significant increase, reaching $5.64 billion and positioning it as the 18th largest cryptocurrency by market cap. Trading volume for the token surged by more than 109%, reaching $1.55 billion. This heightened activity can be partly attributed to investors capitalizing on SUI price surge and its recent gains, engaging in profit-taking as they look to maximize returns.
Technical Indicators Point to a Potential SUI Price Correction
Technical indicators for SUI price suggest possible fluctuations ahead. The RSI currently stands at 71,95 indicating that SUI is in overbought territory. When the RSI exceeds 70, it often signals a possible correction as investors may lock in profits, leading to a short-term price dip, making the SUI price correction most likely.
The MACD, however, presents a more mixed picture. While the MACD line remains above the signal line, suggesting the ongoing SUI bullish momentum, the histogram shows shrinking green bars, hinting at a weakening trend. If this continues, the MACD could move closer to the zero line, indicating a potential bearish shift, the SUI price correction.
What’s Next for SUI Price: Bullish Breakout or Price Pullback?
Market experts are divided on SUI price next. Some analysts expect a retracement before another upward push, while others anticipate a possible breakout to new highs. Some have warned of a potential fake breakout above the ATH for SUI price, advising traders to be cautious and avoid becoming “exit liquidity” for larger players.
According to analysts, SUI price might temporarily break above its all-time high, drawing in new traders before experiencing a pullback. His analysis suggests that SUI price could then drop to support levels between $1.40 and $1.10 before potentially rebounding. Should the altcoin stabilize, it may retest its ATH and even target the 1.272 Fibonacci level at $3.32 in the current October bull run.
As the SUI price approaches its all-time high, the market is keenly watching for signs of a breakout or pullback. While technical indicators point to potential volatility, the increase in SUI market cap and its growing transaction volume underscore the strong interest in the cryptocurrency. Whether the SUI bullish momentum will continue or face a temporary SUI price correction, remains to be seen, but traders are prepared for both scenarios.
