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With a 14.27% surge, SUI surpasses the $2.20 level and is eyeing an extension toward $3 for a new all-time high.
The SUI crypto asset is trading at $2.29, with an intraday surge of over 14%. This significant bullish recovery aligns with the broader market rally triggered by Donald Trump’s victory in the U.S. Presidential elections.
Will the extended rally in the altcoins drive SUI prices to a new all-time high? Let’s find out.
SUI Price Rally Eyes a New All-time High
Over the past few days, SUI has seen a 24.79% increase after two consecutive bullish candles on the daily chart. Additionally, with the SUI token reclaiming the key psychological $2 mark, it has also broken above the $2.18 level, which corresponds to the 100% Fibonacci retracement.
The rally suggests that buyers are positioning for further gains, targeting a move beyond $2.3661 to set a new all-time high. The bulls are firmly in control, as indicated by a positive crossover in both the MACD and signal lines.
Moreover, the recent pullback to the 78.60% Fibonacci retracement level at $1.6147 found solid support from the 50-day Simple Moving Average (SMA). With strong underlying demand, SUI appears poised to continue its upward momentum, with the next target being the psychological $3 mark.
Based on Fibonacci projections, the uptrend could extend toward the 1.272 and 1.618 levels, which correspond to price targets of $3.19 and $5.20, respectively.
Will SUI Price Cross $3?
Also, looking at the 4-hour chart, SUI price action is gaining momentum following a breakout from a flag pattern. However, using trend-based Fibonacci retracement levels on the shorter-term chart, the altcoin faces resistance at the 38.20% level around $2.3854.
At present, the 4-hour candle is forming a doji pattern, which suggests a potential minor retest of the high-volume zone between $2.15 and $2.18.
After this retest, a bounce could propel SUI toward the next key resistance levels at the 50% and 78.60% Fibonacci levels, which are located at $2.68 and $3.56, respectively.
On the downside, a pullback to the psychological $2 level could also be a potential retest before the rally resumes.