SUI Coin (SUI) Price Prediction: Bulls Doubles Down on Accumulation, $5 Now in Sight

Over the past few days, SUI has been on an upward trajectory, fueled by increasing demand and a strong bullish sentiment among investors.

SUI has been making headlines over the past few days, thanks to a remarkable upward trajectory. The Layer-1 coin reached a new all-time high during Thursday’s early Asian session, hitting $4.87. While SUI's price has retreated slightly from this recent peak, bullish momentum remains strong, setting the coin up for potential future rallies.

A glance at SUI’s one-day chart reveals that its price action trades above the Ichimoku Cloud. This indicator follows the momentum of an asset's market trends and also identifies potential support/resistance levels.

When an asset's price is positioned above the Ichimoku Cloud, it signifies a bullish trend, indicating upward momentum and the potential for further gains. In this scenario, the Cloud acts as a dynamic support zone beneath the price, bolstering bullish sentiment. For SUI, these support levels are positioned at $4.02 and $3.23.

Further confirmation of this bullish strength in the market comes from readings on SUI’s Directional Movement Index (DMI). At press time, the coin’s positive directional index (blue) rests above its negative directional index (orange).

The DMI indicator assesses the strength and direction of a trend. When the positive directional index is above the negative directional index, it signals that bullish pressure is stronger than bearish pressure, indicating an upward trend. This setup suggests that buyers dominate the market, which could lead to further price increases if the trend persists.

As of press time, SUI trades at $4.68, positioned slightly below the new resistance level formed by its all-time high at $4.87. If buying activity strengthens, we can expect the coin’s price to break above this resistance and touch new highs above the $5 zone.

However, an uptick in selloffs will invalidate this bullish projection. If SUI holders begin to book gains, this will put downward pressure on its price, which may cause it to fall to $3.83.