SUI token surge Rising by 18% in the past 24 hours to trade at $3.57, the SUI price continues to show an impressive surge. Starting on April 21, the token opened at $2.10 and started printing consecutive green daily candles, therefore extending the bullish trend. Growing trade volume and rising investor confidence have helped to support the increase.
SUI Surges 67% After Bullish Breakout
Breaking out from a bullish double bottom pattern on April 22, SUI passed the neckline at almost $2.80. This verified a significant reversal of a trend and set off a powerful increasing momentum. SUI has performed remarkably well on the cryptocurrency market this week, having acquired approximately 67% since the start of this movement.
Currently, the price is trading above key short-term and long-term moving averages, including the 20-day EMA, 50-day SMA, 100-day SMA, and 200-day SMA. This alignment of averages implies an improved price structure and helps promote the continuation of the optimistic trend.
SUI Breakout Gains Momentum
Momentum indicators support the good perspective even further. The MACD has developed a bullish crossover, characterized by a widening gap between the signal line and the MACD line. The RSI has entered the overbought zone, indicating that a temporary retreat may occur. Strong buy-side interest, rather than weak momentum or speculative spikes, is driving this breakout, as evidenced by the surge in trading volume that accompanies the price gain.
A vital technical improvement was breaking over the $2.80 neckline. This breakout verified a bullish reversal pattern, which resulted in a measured move goal in the $3.50 to $3.60 range—a level SUI has now attained. Based on the 2.618 Fibonacci extension, the next significant resistance level is expected to fall close to $3.85. Typically, a profit-taking zone, this is where pullbacks often occur. Should momentum keep high, stretch targets around $4.55 and perhaps $5.00 could be relevant shortly.
SUI Rally Boosted by Memecoins
Driving the continuous SUI token surge rally are several vital catalysts. The increase in memecoin trading activity on the Sui network, which has attracted new users and capital, is a key factor. Furthermore, exciting real-world use cases for the Sui ecosystem have come from a recent announcement of a virtual Mastercard driven by xMoney.
Sui’s total value locked (TVL), which grew 8% today to reach $1.64 billion, also shows a notable improvement. Rising above Avalanche (AVAX) and Aptos (APT), Sui is now the ninth-largest blockchain in terms of total value locked (TVL). This rise in locked assets indicates growing confidence in the DeFi features and the long-term utility of the network.
Summary
Although SUI’s surge is remarkable, traders should monitor momentum indicators such as the RSI, which suggests a possible short-term slowdown. The technological framework remains robust; therefore, if the current pace continues, more ambitious goals, such as $4.55 and $5.00, could be within reach.
