- SUI has broken above the key $3.50 resistance level, with bullish technical signals like a potential golden cross and strong RSI suggesting further upside toward $8.
- The growing adoption of the SUI network, highlighted by Ethereum outflows, supports the case for sustained price momentum and the possibility of a new all-time high.
SUI has been one of the outstanding tokens in the month of April, Notably, its not stopping there. The token is bracing itself for a bullish momentum as it enters the month of May. Catching the attention of traders and market pundits, the token is at the time of press swapping hands with $3.55 marking a 1.99% surge in the last 24 hours.
Notably, SUI experienced an April opening at the price of $2.26, now the token is nearly 60% up. This breakout, combined with rising investor interest and key technical signals, has many market participants setting their sights on a potential move toward $8—a new all-time high.
The rally in SUI aligns with broader market dynamics. The total crypto market cap excluding Bitcoin and Ethereum has risen to $828.61 billion, reflecting a 7% surge this month. This wave of renewed optimism among altcoins has helped fuel SUI’s impressive price movement.
Technical Setup Hints at Continued Bullishness
On the daily chart, SUI has broken out of a falling wedge pattern—a classic bullish reversal indicator. The uptrend has also pushed the price above both the 200-day exponential moving average (EMA) and the 23.60% trend-based Fibonacci retracement level at $3.30. This confirms a strong shift in momentum from bearish to bullish.
Although several doji candles have appeared, hinting at short-term indecision, the broader trend remains intact. Importantly, the 50-day EMA is on course to cross above the 200-day EMA, forming a golden cross. Historically, this pattern is seen as a powerful bullish signal that often precedes large price increases.
Adding to the optimism is the daily Relative Strength Index (RSI), which remains in overbought territory. This confirms strong buyer interest and sustained momentum behind SUI’s current rally.
Ethereum Outflows Signal Rising SUI Adoption
Beyond technical factors, SUI’s fundamentals are also showing strength. According to data shared by crypto analyst Torero Romero, 29% of Ethereum outflows via the Wormhole Bridge over the past 12 months have been redirected to the SUI network. This substantial capital migration highlights SUI’s growing role as a competitive alternative to Ethereum in the decentralized finance (DeFi) space.
The network’s increasing adoption and ecosystem growth could serve as long-term catalysts for further appreciation of the token.
Path to $8 or Pullback Ahead?
Looking ahead, analysts are eyeing the 61.80% Fibonacci extension level near $8 as the next major target for the SUI price. This would represent a new all-time high and a continuation of the current bullish trend.
However, traders should also monitor downside risks. Key support now lies around $3.30, with the 200-day EMA at $2.79 acting as a major level if a pullback occurs.
Still, with bullish momentum, rising adoption, and strong technical patterns in place, SUI appears poised for further upside—and the $8 mark may not be far off.