SUI has experienced an impressive rally over the past month, with its price soaring by 151%. The altcoin is now at a multi-month high and is inching closer to breaking its all-time high (ATH) of $2.18. Investors are optimistic that SUI could achieve this new milestone before the end of this week and continue the rally.
The ongoing bullish momentum, combined with heightened market activity, has positioned SUI as one of the top-performing assets in the crypto space. SUI is witnessing a resurgence in bullish sentiment, as highlighted by the MACD (Moving Average Convergence Divergence) indicator. The MACD, a key tool for identifying momentum shifts, is showing increasing positive signals.
As the bullish momentum intensifies, SUI is likely to break through its next major resistance level at $2.18. A successful breach of this barrier could open the door for further price gains.
SUI’s macro momentum is reinforced by technical indicators, particularly the Relative Strength Index (RSI), which is currently in the overbought zone at 80.0. Historically, a mild breach above the 70.0 mark has often triggered selling and corrections. However, no significant correction or selling pressure has materialized despite the RSI's elevated level.
SUI saw an 8% increase in price over the last 24 hours, bringing it to $1.90. The next resistance for the altcoin is $2.18, standing 15% away from the current price. Given the current momentum, SUI seems poised to achieve this in the near term, which would extend the ongoing 151% rally from September.
The aforementioned factors driving this rally suggest that bullish sentiment will likely be sustained. Many investors may potentially refrain from cashing out until SUI establishes a new ATH.
SUI’s support level at $1.70 remains crucial in preventing a significant downturn. If this support is lost, it could invalidate the bullish thesis and send the altcoin down to $1.45, delaying the anticipated profits.
