The Sui price has successfully claimed the top gainers spot in the daily list with a jump of over 11% today. With this, the valuation of this altcoin has increased to $13.27 billion. Following this, investors are curious with multiple questions like “Why is Sui’s price up today?”
In this article, we will understand the market sentiments and possible Sui price prediction for this week.
SUI Crypto Records Double-Digit Rally!
Over the last week, the Sui Network has witnessed a strong bullish run as it has gained over 35%. With a price of $3.88 at press time, SUI has breached out of its important ascending channel channel in the daily chart.
The price movement indicates the major change in the momentum, as SUI had increased more than 11.4% over the past 24 hours. The most recent rally has resulted in the token surpassing its resistance level of the $3.50 and is currently on the verge of retesting the $4.00 mark.
The Stochastic RSI is hovering into the overbought zone and is currently at 93.09 and 90.22 suggesting that SUI may experience a temporary pullback. Furthermore, it indicates a rising demand for the altcoin in the market.
Will Sui Price Surge to $5?
A bullish momentum may push the price beyond the $4 within a short period. Moreover, its upper resistance levels are at $4.50 & $5 in the upcoming time.
However, traders should are cautious since SUI price is constantly failing to break out of the $4.00 mark. Any backward movement on this level might force the price to approach the lower support level at 3.50 and even further to the lower support of 2.93 or 2.40 respectively.
Also Read: Sui Price Fears Correction Amid Increased Bearish Trend!
