- SUI surpasses Avalanche to claim the 11th spot, with a market cap rising to $15.41B.
- SUI price recovers 10.93%, breaking $5 and approaching the $5.35 resistance level.
- SUI targets $6.02 ATH amid bullish momentum and strong RSI above average since August 2024.
The SUI token’s price increased by more than 3%, nearing the 11th position among cryptocurrencies globally and surpassing Avalanche (AVAX). The tokens market capitalization reached $15.41 billion. SUI has become one of the contenders for entering the top 10 cryptocurrencies.
Bullish Price Movement and Rising Momentum
SUI has shown impressive performance, recovering by 10.93% over the last 24 hours and reclaiming the critical $5 psychological level. This recovery follows a double-bottom reversal pattern at the $4.50 support zone, highlighting strong accumulation at lower levels. With the bullish comeback on the 4hr chart and aided by the heightened buying pressure illustrated by the RSI moving above the halfway mark.
The token has surpassed the 61.80% Fibonacci retracement level at $5. This signals strong upward momentum, avoiding a bearish crossover between the 20-day and 50-day EMA lines. As a result, SUI has garnered positive sentiment among market participants. The recovery reflects the token’s ability to defy broader bearish trends in the crypto market.
Key Resistance Levels and Potential Targets
The next critical resistance for SUI lies near the $5.35 level, which could serve as a pivotal hurdle. Based on Fibonacci extensions, a successful breakout above this resistance could propel the token to $5.89, marking a new all-time high. The current trend suggests the potential for continued bullish movement, supported by robust trading volume and strong chart patterns.
However, if the momentum wanes, the SUI price may retest the $5 support level. The sustained maintenance of trading volumes above average since mid-2024 has contributed to the token’s volatility, keeping traders on high alert.
Roadmap to Top 10 Crypto Rankings
While the recent price surge positions SUI closer to the top 10 cryptocurrencies, achieving this milestone requires the token to reach a $10 price point, elevating its market cap above $20 billion. Despite the challenges, the consistent bullish patterns and disciplined ascending price action provide optimism for further gains.
The Bollinger Band analysis suggests another bullish wave is imminent, as SUI trades within a rising parallel channel. Additionally, the RSI’s resilience above average levels since August 2024 strengthens the case for continued growth.
Market observers anticipate SUI’s next all-time high to be near $6.02, potentially achieved in the coming week. While breaking into the top 10 may take time, SUI’s current trajectory demonstrates its potential to reach new heights in the cryptocurrency market.
The post SUI Price Surges Past Avalanche as It Targets Entry Into Top 10 Cryptocurrencies appeared first on Cryptonewsland.
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