SUI Crypto Price Prediction: Will SUI Reclaim Its ATH Above $5.95?

SUI crypto has witnessed a remarkable recovery, reclaiming the $5 level after a rapid ascent.

The cryptocurrency has surged an impressive 10.93% in the past 24 hours, pushing its market capitalization to $15.41 billion.

This surge has raised hopes of a new all-time high above the $5.95 price level.

Meanwhile, Ali Martinez, a prominent crypto analyst, has highlighted a “no trade” zone that Sui must avoid.

Here's a closer look at this cryptocurrency's price movement.

A Closer Look at SUI's Recent Price Movement

SUI coin’s price chart reveals a strong recovery, driven by buying interest.

The cryptocurrency seems to have bounced off a local support trendline around $4.5.

At this price level, the cryptocurrency formed a double-bottom reversal pattern, indicating accumulation by investors.

Interestingly, this “zone” aligns with the area between $4.86 and $4.61, as highlighted by renowned analyst Ali Martinez.

In a recent tweet, the analyst noted that this price level is a “no-trade zone,” and a sustained close above would result in a 10% price increase—which has now come to pass.

$SUI is in a no-trade zone between $4.86 and $4.61. A sustained close outside of this zone will lead to a 10% move. pic.twitter.com/gmSaCKBYUm

This renewed momentum and push above the “no-trade zone” has brought the Sui coin price above the 61.80% Fibonacci retracement level at $5.

It's worth noting that the $5 price level is a key psychological threshold and should pave the way for further upside.

Where Could SUI Head Next?

The recovery rally currently sees Sui crypto poised to test the 78.60% Fibonacci level at $5.17.

The cryptocurrency is also likely to face resistance around $5.35, beyond which it could explode further upwards to $5.95.

On the downside, if bullish momentum weakens, Sui could be in for some trouble.

The cryptocurrency could retest the $5 psychological level, and a failure to hold this support could lead to further decline.

If Sui fails to hold $5, it could decline further and retest the $4.50 level or even slip into the “no-trade zone.”

Surging Open Interest Highlights Trader Optimism

The beginning of the year has been kind to Sui, with traders showing strong interest in the cryptocurrency.

Specifically, Open Interest (OI) for SUI has doubled in just nine days, climbing from $679 million to a massive $1.26 billion.

This OI surge indicates fresh capital pouring into the cryptocurrency, with traders optimistic about its potential to move upwards.

The rising OI is suggestive of support for a SUI rally.

Together with the technical analysis, this rise in OI and the positive indications favor the buyers. Notably, the RSI on the daily chart has consistently remained above the neutral line, indicating the bulls are in control.

Moving forward, Sui is now less than 10% away from its ATH of $5.36.

The cryptocurrency has shown resilience by bouncing off this “no-trade” zone, and if conditions persist, SUI could be set to break through a new ATH.