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$SUI gains bullish momentum following a wedge breakout. With a golden crossover forming and TVL rising, can it reach the $6 milestone?
With a strong attempt to break into the top 10 cryptocurrencies, $SUI is currently trading at $3.34. The project boasts a market cap of $11.16 billion and has recorded a 0.64% gain in the past 24 hours.
$SUI price remains above the $3.30 level, hinting at a potential bounce following a retest. Could the golden crossover between the 50- and 200-day EMAs ignite the next major rally toward $6?
$SUI Price Analysis
$SUI’s daily chart showcases a bullish breakout of a falling wedge pattern. This wedge breakout rally marked the end of the prevailing declining phase during Q1 2025.
Between early January and April, the price declined nearly 65%. However, the recent rebound has pushed the price above both the 50- and 200-day EMAs, as well as the key psychological level at $3.
Currently, $SUI is holding above $3.30 at the 23.60% trend-based Fibonacci retracement level. The surge in bullish momentum has brought the 50- and 200-day EMAs close to forming a golden crossover.
If this uptrend continues, the crossover could confirm a strong bullish signal. Supporting the bullish case, the Chaikin Money Flow Index remains positive, recently spiking to 0.18.
With continued positive money flow, the uptrend appears sustainable. If a post-retest recovery follows, Fibonacci levels point to a near-term target of $4.63 (38.20% retracement).
In a more optimistic scenario, the rally could extend to the 50% Fibonacci level, hitting the $6 mark. This would mark a new all-time high for $SUI, driven by the ongoing bullish breakout.
On the downside, immediate support lies just below $3.30, at the 200-day EMA around $2.83.
$SUI Ecosystem Strengthens as Stablecoin Market Cap Hits All-Time High
As $SUI eyes a new all-time high, its ecosystem continues to gain strength. According to SUIScan, the total value locked (TVL) on the $SUI network stands at $1.77 billion, with total accounts reaching 177 million.
Additionally, DeFiLlama data shows that the $SUI stablecoin market cap has climbed to $918 million—a new all-time high. As of May 6, daily DEX volume on the $SUI network has reached $487.99 million.