- SUI surged 65%, hitting $3.12 with strong trading volume and market cap growth.
- Key support levels suggest bullish potential, with analysts predicting up to $6.
- Indicators show sustained uptrend, though overbought conditions may cause short-term pullbacks.
SUI has taken the spotlight after rallying 65% in just seven days. The price has now reached $3.12, with trading volume hitting an impressive $4.63 billion. This surge boosted SUI’s market cap to $8.87 billion, with 2.8 billion tokens in circulation. Let’s analyze if SUI can reach the $6 price target.
Key Levels and Price Zones
Technical analysis highlights key levels traders should watch. Fibonacci retracement levels pinpoint important support zones. The 0.618 level at $2.092 and the 0.382 level at $1.889 have been labeled “areas to hold,” providing safety nets if SUI experiences pullbacks.
An additional support level at $1.729 offers a more aggressive entry point for bullish traders. SUI’s climb above these zones suggests the potential for further gains, encouraging a wave of optimism.
Popular analyst Van de Poppe believes SUI could reach between $5 and $6 in this current bullish cycle, as the post above highlights. This optimism is fueled by rising trading volumes and strong market sentiment, both of which are essential for sustained growth.
Indicators Show Strong Uptrend Potential
Technical indicators support the bullish case. SUI’s price is now near the upper Bollinger Band, a zone associated with volatility and strong uptrends. Holding above the middle line, which represents the 20-day moving average, suggests sustained buying pressure. However, the Relative Strength Index (RSI) currently sits at 78.35, putting SUI in overbought territory.
While this reflects strong buying activity, it also suggests traders should prepare for potential short-term dips. The Aroon Indicator adds further support to the bullish outlook. With the Aroon Up at 100% and the Aroon Down at 0%, the indicator shows SUI achieving recent highs with no new lows in sight.
This combination points to a solid bullish trend. In addition, data from DefiLlama shows that SUI’s Total Value Locked (TVL) has climbed to $388.24 million, reflecting growing interest in decentralized applications on the network. The fully diluted valuation (FDV) currently sits at $31.21 billion, hinting at future market potential.
The post Sui Jumps 65% in Seven Days, Can SUI Reach $6? appeared first on Crypto News Land.
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