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SUI has surged by 17.57%, breaking through the $3.64 resistance level. Can the bullish flag breakout lead to a new all-time high beyond $4?
As one of the rising altcoins in the crypto market over the past 24 hours, SUI has increased by 4.36%. With this price surge, the altcoin has reached a market cap of $10.99 billion.
The SUI breakout rally is edging closer to a new all-time high above the $4 psychological milestone. Will the ongoing rally lead to an extension that crosses the $4 barrier? Let’s find out.
SUI Price Analysis
On the 4-hour chart, SUI’s price surge surpasses the overhead trendline of a falling channel pattern. This falling channel has formed a bullish flag pattern, complementing the bull run.
As a result, the SUI price action shows strong upward momentum, signaling a bullish flag breakout rally. The price broke past the overhead resistance trendline and faced resistance near the $3.64 mark, resulting in a minor pullback.
However, after a successful post-test reversal, SUI’s price has risen from $3.18 to $3.7417, representing a rally of 17.57%. Moreover, the breakout rally has moved above the $3.64 resistance level, which aligns with the 23.60% Fibonacci level.
The SUI price action continues to show a post-test reversal from the Fibonacci resistance-turned-support level. The price is inching closer to its all-time high of $3.9433, forming higher highs.
Additionally, the highest price coincides with the supply zone, which ranges from $3.89 to $3.95, just below the 38.20% Fibonacci level. Therefore, the ongoing breakout rally is approaching a critical resistance zone.
The breakout rally has also caused an uptick in the 50-SMA line, which is on the verge of crossing over the 100-SMA. Furthermore, the 4-hour RSI has risen near the overbought boundary, indicating increased underlying buying pressure. As a result, technical indicators suggest a boost in buying pressure, increasing the likelihood of reaching a new all-time high.
SUI Price Targets
Using the trend-based Fibonacci levels, in case of a breakout rally above the 38.20% mark, the immediate resistance levels are at $4.467. Hence, the upside potential in SUI this week is nearly 20%.
On the flip side, the dynamic support from the 50-SMA line at $3.45 and the 200-SMA line near the $3.00 psychological mark are likely to absorb any increase in supply.