Over the past few days, SUI has been on an upward trajectory, fueled by increasing demand and a strong bullish sentiment among investors. During Thursday’s early Asian session, the Layer-1 coin clinched an all-time high of $4.87. 

Although SUI’s price has slightly retreated from its recent peak, bullish momentum persists, positioning the coin for potential future rallies.

SUI Bulls Doubles Down on Accumulation

As assessed on a one-day chart, SUI’s price movement shows that it trades above its Ichimoku Cloud. This indicator tracks the momentum of an asset’s market trends and identifies potential support/resistance levels. 

When an asset’s price is above the Ichimoku Cloud, it signals a bullish trend, suggesting upward momentum and the potential for additional gains. In this scenario, the Cloud acts as a dynamic support zone beneath the price, bolstering bullish sentiment. For SUI, these support levels are positioned at $4.02 and $3.23.

Readings from SUI’s Directional Movement Index (DMI) confirm the bullish strength in the market. At press time, the coin’s positive directional index (blue) rests above its negative directional index (orange).

The DMI indicator assesses the strength and direction of a trend. When the positive directional index is above the negative directional index, it signals that bullish pressure is stronger than bearish pressure, indicating an upward trend. This setup suggests that buyers dominate the market, which could lead to further price increases if the trend persists.

SUI Price Prediction: $5 Now in Sight

At press time, SUI trades at $4.68, slightly below the new resistance level formed by its all-time high at $4.87. If buying activity strengthens, the coin’s price will break above this resistance and touch new highs above the $5 zone.

However, an uptick in selloffs will invalidate this bullish projection. If SUI holders begin to book gains, this will put downward pressure on its price, which may cause it to fall to $3.83.

🎄Best crypto platforms in Europe | December 2024

eToro Explore

Wirex Explore

YouHodler Explore

Phemex Explore

Margex Explore

🎄Best crypto platforms in Europe | December 2024

eToro

Wirex

YouHodler

Phemex

Margex