Key Insights:
SUI price breaks key resistance, confirming a bullish trend reversal.
Increased volume and RSI suggest continued upward momentum.
SUI could target new highs, potentially reaching $3.8-$4 in May.
The SUI price has broken through a critical resistance level, signaling a shift toward bullish momentum. Increasing trading volume, this breakout, and technical indicators pointing to the ability for SUI to gain further in the weeks ahead all suggest that SUI could be seeing gains going forward. By May, the price will climb toward new highs, aiming for $3.8–$4.Breakout Above Resistance Confirms Trend Reversal
SUI has breached its key zone of resistance at $2.45, signaling a turning point in its market performance. Breaking through this resistance level demonstrates that selling pressure is absent, and the market will continue moving upward.
Completing an inverse head-and-shoulders pattern implies an inverse pattern and, hence, an indication of a bullish reversal. Market momentum shifted upward after the price broke above the pattern’s neckline, indicating a move away from the previous downtrend.
According to TedPillows, the current positive market trend suggests SUI’s price will likely hit between $3.8 and $4 in the near future. The upcoming price target is 30-40% higher than its current value of $2.88.
Volume and RSI Support Bullish Sentiment
The SUI price surge comes with increasing volume, which means a higher buying interest in SUI. This market surge increases the bullish sentiment, indicating market participants are actively piling into this asset.
Besides, the Relative Strength Index (RSI) is bullish, and the asset is not yet oversold. It further upholds the uptrend and indicates that the trend can continue to rise without immediately reversing.
With high volume levels and positive RSI values, new price increases for SUI are now possible. Assuming the asset sits above the breakout threshold of $2.45, the sTower token should continue performing well in the SUI market. After successfully breaking the resistance level, analyst CryptoMichNL says SUI will reach new highs again and suggests that the new all-time high will be achieved within the next quarter.
Increased Open Interest Signals Growing Market Confidence
Increasing open interest in the SUI contract shows market participants’ growing confidence in this market. According to recent market data, SUI open interest grew by 21.74%, with new positions opening as market participation increased, reaching $488.6 million in 24 hours. The growing number of market participants indicates bullish momentum, as participation continues to rise steadily.
Long-Term Price Targets $10
Some forecasts project that SUI could surge by 229% to $9.84 by May 22, 2025. The Fear and Greed Index currently reads 72 (Greed), reflecting bullish sentiment. SUI has recorded 14 green days (47%) over the past month, with volatility at 7.81%.
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