SUI price pumps 30%: Can it continue to rise this week?

SUI is rising! Discover our technical analysis and price targets for this altcoin after its impressive 30% pump. Will the rally continue?

SUI posts a massive pump: The start of a new bull run?

Currently trading at $1.26, SUI is outperforming much of the crypto market. As Bitcoin tries to hold its key levels, SUI capitalized on capital rotation to break out of its historical consolidation range between $0.85 and $1.03. This technical breakout was accompanied by an impressive 30% rise this Sunday, reaching $1.44. Since then, SUI has withdrawn 10% of its pump.

The daily chart for SUI is clear: the asset has just escaped a compression zone that has capped its price since February. By breaking through the major resistance at $1.05, the bulls regained control of the market. This level, which previously served as key support before the last correction, has now been reclaimed with authority. Furthermore, SUI shows 5 bullish divergences, confirming massive accumulation below the $1 mark.

The speculative hype surrounding this outbreak is palpable. CoinGlass data reveals that open interest on SUI derivatives has experienced a meteoric rise, jumping from $450 million to over $620 million in a matter of weeks. This massive injection of liquidity suggests that traders are aggressively positioning themselves on the buy side.

Additionally, the Chaikin Money Flow (CMF) indicator has turned into positive territory. This technical signal confirms that inflows of capital are supporting the current rally, dismissing the risk of a forgery for now. The buying pressure is very real and could fuel the continuation of the move.

Technical analysis: What are the next price targets?

For this nascent bull run to continue, SUI must now face decisive technical levels. The first battle will take place at its bullish trend line at $1.42. However, the biggest selling wall is created by the presence of an order block that extends to $1.52. As investors who bought below $1 begin to take profits, SUI may consolidate below this $1.52 mark.

In the event of aggressive profit taking, SUI could fall back into the zone between $1.17 and $1.04, the first pool of liquidity that could cushion a potential drop for SUI. Conversely, if SUI breaks past $1.52, it could return to $1.96 very quickly.

Faced with this euphoria, traders have been shorting SUI heavily, with short groups now standing at $1.39 and $1.35. If Bitcoin holds the $80,000 level, these two price zones have a high chance of being reclaimed.

Could SUI Explode and Reach $1.96 in May?

The current setup for SUI is one of the most promising in the altcoin market over the long term. With indicators flashing green, increased trader participation in derivatives markets and a price structure that favors expansion, all the ingredients for a spectacular rally appear to be in place for the coming weeks. However, in the next few days, SUI could still be held below its 1-day order block, which is its first real major test since its bottom.

However, the inherent volatility of the crypto market calls for caution. The ability of SUI to turn its recent resistances into stepping stones will be the real deciding factor of this trend. The token has proven that it can attract capital, but will it be able to hold the upper hand against sellers in the event of macroeconomic turbulence?

As trading volumes continue to increase, the next weekly close will be crucial. Will the bulls have the necessary energy to break through $1.52 and trigger the next acceleration phase to the yearly highs?

Despite potential short-term selling pressure, the outperformance of SUI speaks volumes about investor appetite for this blockchain that dominated the market in the previous cycle.

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