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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.