SUI Hits New All-Time High at $4.80 Amid Market Rally
SUI has surged to a new all-time high, trading at $4.80, with a 24-hour trading volume of $3.47 billion and liquidations totaling $10.75 million. This impressive performance comes as the broader crypto market experiences bullish momentum, with Bitcoin reclaiming $100K and Ethereum nearing $4K after a 7% rise. SUI’s value has jumped by over 30.5% in the past 24 hours, breaking through critical resistance levels and sparking optimism for further growth.
Can SUI Sustain Its Upward Momentum?
SUI opened the day at $3.72, rapidly surpassing its trading range and climbing to its current level of $4.80. Over the past week, the altcoin has seen a 28.3% increase, pushing it above its $4 resistance and into new territory.
Technical indicators suggest the rally could continue:
- MACD: The Moving Average Convergence Divergence (MACD) line has crossed above the signal line on the four-hour chart, signaling upward pressure and a potential buying opportunity.
- CMF Indicator: The Chaikin Money Flow (CMF) stands at 0.25, reflecting strong buying activity and positive capital flow.
- RSI: The Relative Strength Index (RSI) is at 71.43, indicating the asset is in overbought territory but still shows strong momentum.
The short-term 9-day moving average remains above the longer-term 21-day moving average, further supporting a bullish outlook.
What’s Next for SUI?
If SUI maintains its momentum, it could surpass the immediate target of $4.90 and potentially reach the $5 mark. However, if the current rally weakens, the price may test support at $4.57. A failure to hold this level could see the asset dip further to $4.20, a critical support zone.
Investors are encouraged to remain cautious, as market conditions can change rapidly. SUI’s strong performance has captured market attention, but the asset’s overbought status highlights the need for prudent decision-making.
Disclaimer: This content is for informational purposes only and should not be considered investment advice. Conduct your own research before making investment decisions.
