The sentiments around the SUI price are growing and becoming more bullish day by day. After the massive rise from the bearish captivity, the investor’s attention has been over the tokens that are closely monitoring the token’s price movements. The bulls defending the dynamic support at $3.03 indicate their strong pressures as they appear to be poised to elevate the levels towards new highs. The SUI price is trying to secure the levels above $3.5, but the bears are working hard to restrict the rally below $3.4. Despite this, the token is flashing a major bullish signal, suggesting a new ATH could be on the horizon.
The volume of SUI has been on the rise since the September 2024 rebound, which surged and marked highs above $3.5 billion. This was when the price marked a new ATH. After a notable volume squeeze, the volume has begun to rise again as it surges above $1.5 billion. On the other hand, the SOL transaction count has also soared and marked levels above 10 billion for the first time in history.
The consistent rise in the transaction count suggests the network’s traffic is constantly on the rise, as the investors have been extremely vigilant over the SOL price action. Moreover, they continue to remain bullish on the token as the volume has again begun to rise, with a massive increase in the transaction count. This makes SUI one of the most monitored tokens and hence hints towards a potential upswing in the coming days.
SUI price is closely following the Elliott wave theory and has accomplished the bullish and bearish waves. Moreover, the rise from the local bottoms and the consolidation that followed raises the possibility of yet another Elliott wave in the making. Meanwhile, the Gaussian Channel has turned bullish, which suggests the beginning of a bullish trend. However, RSI displays a bearish divergence, so should this be a matter of concern?
Well, during the previous upswing, when the price marked a bullish wave, the RSI surged to the overbought levels, followed by a pullback. However, after a small consolidation, the levels triggered a rebound and entered the overbought range. It has to be noted that the RSI has sustained above the average range, within the upper bands during the bullish Elliot wave, and hence, until this pattern is maintained, the SUI price will remain under bullish influence.
Therefore, considering the Sui price will continue with the fresh Elliot wave, it could form a new ATH somewhere around $9 to $9.2 in the second half of 2025.
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