SUI Price Analysis: Bulls Eye the $6 Mark as the Altcoin Reaches a New All-Time High

With SUI reaching a new all-time high at $5.3580, will bulls extend the rally to the $6 mark this week?

After a seven-day rally, reaching a new all-time high, what’s next for SUI as it aims for the $6 mark?

As Bitcoin breached the $99,000 mark, the overall crypto market sentiment has seen a significant boost, with bulls aiming for the $100,000 milestone. In the wake of this positive sentiment, the SUI token experienced a breakout rally.

Highlighting a new all-time high, the altcoin showed a promising upside potential. Could this lead to an extension toward $5.50? Let’s analyze the technicals to uncover the SUI price targets.

A glance at the 4-hour time frame showcases a triangle pattern breakout, with SUI price action crossing the supply zone at $4.80. This breakout marks a significant price point, as predicted in our previous SUI price analysis, creating a new all-time high.

The bullish recovery has propelled the 7-day price change to 26.80%, with the market capitalization rising to $5.59 billion, showcasing an impressive growth, as the token continues to gain steam in the market.

After hitting a high of $5.3580, SUI’s price trend shifted to a sideways movement, revealing critical support at the $5.16 level.

This range breakout rally triggered a positive crossover between the 50 and 100 EMA lines, creating a bullish alignment of these averages. Moreover, the 4-hour RSI briefly entered the overbought zone, showcasing strong bullish momentum.

However, a slight slowdown caused the RSI to dip, showing a move out of the overbought zone, indicating a temporary pause in the rally. Despite this, the technical indicators continue to signal a buy for SUI, suggesting further potential for growth.

Currently, the SUI token trades at $5.170, with a potential double-bottom reversal, which could strengthen the bullish outlook.

SUI Price Targets

Analyzing the Fibonacci retracement levels, the altcoin will likely encounter resistance at the $5.40 level, corresponding to the 23.60% retracement level.

The bull run may target price levels at $5.67 or $6.00 in the short term.

On the downside, the critical support for SUI remains at the $5.00 psychological level, followed by the $4.80 supply-turned-demand zone.

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.