SUI Price Surges 11% as Analysts Eye Rally Above $4
SUI price surged 11% in 24 hours, driven by a key support trendline since 2023 that previously led to gains of 450% and 750%. The token trades around $1.53 as market observers Ali Martinez and Michael van de Poppe predict further upside. Martinez highlights the trendline test could trigger a push above $4. Van de Poppe notes Grayscale’s Sui Trust launch and favorable exchange netflow as reduced selling pressure. Outflows from exchanges surpass inflows. Technical indicators show SUI is oversold, with a daily RSI near 30. Analyst CryptoBullet forecasts a rebound to the $1.90–$2.20 range. Data shows the SUI price may soon test higher resistance levels, indicating a potential multi-fold rally in the altcoin market.
Bullish
The bullish view stems from multiple factors. First, SUI price has bounced off a long-held support trendline, mirroring prior rallies of over 450% and 750%. Historical repeats of technical patterns suggest strong upside potential. Second, on-chain data shows sustained net outflows from exchanges, indicating reduced sell-side pressure and increased holder confidence. Third, a daily RSI near 30 points to oversold conditions, often precursors to reversals. Additionally, the launch of Grayscale’s Sui Trust could attract institutional inflows. Combining these signals, SUI exhibits a favorable risk-reward profile. Short-term traders may target $1.90–$2.20, while longer-term holders eye a move above $4. Past altcoin cycles reinforce that such confluences of technical and fundamental drivers often precede major bull runs.