SUI Price Bounces Nearly 100% Off Yearly Low — All-Time High Within Striking Distance

Just six days into the new year, Sui (SUI) hit a new all-time high of $5.35, sparking major excitement around the layer-1 blockchain’s native token.

But by April 6, the mood had shifted dramatically. SUI had plummeted to a yearly low of $1.86, leaving many holders anxious about its future. Some analysts even suggested the token might be entering a prolonged bear market.

Fast forward to today, and SUI has made a stunning recovery, bouncing back nearly 100% from that low and now trading at $3.70.

This puts it just 30% shy of retesting its all-time high. The big question now: Can it push past that threshold, or is this rally just another false breakout?

SUI Bulls Continue to Dictate Direction

SUI’s correction earlier in the year ensured that the altcoin traded within a descending channel on the daily chart. However, last weekend, SUI broke above the bearish channel.

Since then, SUI’s price has increased from $2.09 to $3.70. According to CCN, bulls played a huge role in raising the token’s value.

As seen below, the Bull Bear Power (BBP) reading has increased to 1.71. The BBP indicator is a momentum-based tool that measures the strength of buyers (bulls) and sellers (bears).

Since the indicator’s reading is above zero, it indicates that buyers are in control of the market. As such, SUI’s price could hit a higher value.

In addition, the Elder Force Index (EFI) reading has spiked to 10.61 million. The EFI measures the power behind price movements using price change and volume.

When the EFI reading is negative, it means that bears are in control. But in this case, the EFI shows rising volume alongside a bigger price increase.

If the trend continues, SUI’s price might continue to close in on its all-time high.

TVL Soars 38%

Besides this price increase, SUI’s Total Value Locked (TVL) increased by 38% within the past week. DeFiLlama data shows that SUI’s TVL has climbed to $1.73 billion, indicating that more money has flowed into protocols under the chain.

This also serves as a bullish sign, which could positively impact the price. Further, the volume of decentralized exchange (DEX) has increased by 177% within the past seven days and hit $600 million, indicating heightened interaction with cryptocurrency.

If these metrics remain positive, SUI’s price could soar above $4 in the short term. This aligns with the bullish outlook shared by Nic Puckrin, crypto analyst and founder of Coin Bureau, who believes that SUI’s momentum could pave the way for the much-anticipated altcoin season.

“SUI seems to be trying to debunk the ‘altseason dead’ narrative all by itself,” Puckrin stated .

SUI Price Analysis: ATH Likely as Golden Cross Looms

Another look at the daily SUI/USD chart shows that the altcoin has broken above the key Exponential Moving Averages (EMAs). According to the image below, SUI’s price rose above the 20 EMA (blue) and 50 EMA (yellow) as soon as it hit $2.50.

A closer look at the pair reveals that the 20 EMA is on the verge of crossing above the 50 EMA. If this occurs, it would form a golden cross, a classic bullish signal that suggests an extended price surge.

If that were to happen, the cryptocurrency’s value might rally to $4.48 at the 0.236 Fibonacci level. If buying pressure increases, SUI could hit a new all-time high of $3.57.

On the flip side, this prediction might be invalidated if the cryptocurrency falls below any of the EMAs. If buying volume fades, the price could decline to $3.03 or as low as $2.41.

Disclaimer:
The views, thoughts, and opinions expressed in the article belong solely to the author, and not necessarily to CCN, its management, employees, or affiliates. This content is for informational purposes only and should not be considered professional advice.

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