Will the bullish technical setup in SUI lead to a $5 breakout rally amidst improving network performance and growing demand?
With a new all-time high of $4.87, SUI is inching closer to the $5 psychological mark. A bullish trend is in play, and SUI’s decentralized exchange volumes are hitting record highs.
With a market cap of $13.56 billion, SUI ranks as the 16th largest cryptocurrency in the market. Despite the intraday pullback, its 30-day returns of 58% make it a high-performing token.
SUI Price Performance
On the 4-hour chart, SUI’s price action reveals a rising channel pattern. The price trend within the channel showcases a massive V-shaped reversal, testing the overhead trendline.
This resulted in a new all-time high for SUI at $4.8790. Currently, the SUI price is experiencing a minor pullback after testing the resistance trendline.
As per the trend-based Fibonacci levels, the bullish recovery failed to maintain dominance above the 78.60% Fibonacci level at $4.83. This resulted in a close dip to the 61.80% Fibonacci level at $4.46.
The pullback brought the SUI price down to a low of $4.54, maintaining dominance above the $4.50 psychological mark and avoiding a retest of the Fibonacci support. This indicates a crucial demand zone between $4.46 and $4.54.
Meanwhile, the price trend reveals a small recovery, with SUI currently trading at $4.633. Despite the strong recovery, the minor pullback has brought the MACD and signal lines closer together, warning of a potential bearish crossover.
Additionally, the RSI line has dropped from the overbought zone and is testing the 14-day SMA line.
SUI DEX Volume Hits $555M
Amid the recent price surge, SUI has set a new 24-hour high for decentralized exchange volume. At $555 million, SUI has entered the list of the top 5 chains by 24-hour volume for the first time in its history.
This highlights SUI’s growing presence in the DeFi space and its ability to attract both builders and users.
🎉And one day later, Sui just set yet another new 24-hour record for DEX volume: $555,000,000!
This also marks the first time that Sui is in the Top 5 of all chains by 24-hour volume 💪 https://t.co/0l8sawtvdH
— Sui (@SuiNetwork) December 13, 2024
SUI Price Targets
Based on the technical setup and Fibonacci levels, a bullish continuation will likely test the overhead trendline, potentially leading to a breakout rally. In such a case, potential price targets are $5.28 and $6.61.
These price targets are derived from the 100% and 161.80% Fibonacci levels. On the other hand, a drop below the 61.80% Fibonacci level would test the critical 50% level at $4.21.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
