SUI has surged significantly in price this month, climbing to new all-time highs over the weekend. 

The altcoin, which has gained 105% in the past two weeks, is now considered a standout performer in the crypto market. Currently trading just below its peak, SUI shows strong potential for further gains.

SUI Is a Good Bet

Analyst Michael Van de Poppe recently labeled SUI as the “best thing to buy” during Bitcoin’s correction phase. The altcoin’s popularity among traders is evident, with SUI trending across major platforms. Open Interest (OI) in SUI futures has also reached an all-time high of $826 million, underlining heightened demand and investor confidence.

The increasing capital flow into SUI reflects broader market enthusiasm. Traders are viewing it as a reliable option amid fluctuations in larger cryptocurrencies like Bitcoin. This surge in attention has amplified SUI’s visibility, making it a focal point for both retail and institutional investors.

SUI’s macro momentum is bolstered by its Chaikin Money Flow (CMF) indicator, which is currently well above the typical reversal range of 0.20 to 0.30. This level indicates substantial inflows, signaling growing interest from investors. Historically, reversals occur when the CMF reaches these levels, but the current breakout suggests exponential growth potential.

Such strong inflows demonstrate the asset’s resilience and sustained investor participation. If this trend continues, SUI could attract even more capital, strengthening its position as a high-growth altcoin in the market.

SUI Price Prediction: Reaching New ATH

SUI is currently trading at $3.79, just shy of its all-time high of $3.94, achieved over the weekend. The altcoin’s impressive 105% rally has solidified its position as a top-performing cryptocurrency this month.

Considering the ongoing bullish momentum, SUI is likely to hold its gains. The aforementioned factors do point towards SUI potentially setting a new all-time high if current trends persist. 

However, a shift in sentiment or profit-taking by investors could trigger a drawdown. In such a scenario, SUI may fall to the $3.20 support level, and a drop below this would invalidate the bullish outlook.

Bitcoin price saw a short-term correction below the $90,000 zone. BTC is now again rising and the bulls could now aim for a move above $94,000.

• Bitcoin started a fresh increase from the $86,600 zone.
• The price is trading above $88,000 and the 100 hourly Simple moving average.
• There is a connecting bearish trend line forming with resistance at $91,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could gain bullish momentum if it clears the $91,000 resistance zone.

Bitcoin Price Aims Higher

Bitcoin price started a short-term downside correction below the $90,000 level. BTC traded below the $88,000 level before the bulls appeared.

A low was formed at $86,622 and the price is now recovering higher. There was a move above the $90,000 level. A high was formed at $91,839 and the price is now consolidating. It tested the 50% Fib retracement level of the upward move from the $86,621 swing low to the $91,839 high.

Bitcoin price is now trading above $88,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $91,000 level. There is also a connecting bearish trend line forming with resistance at $91,000 on the hourly chart of the BTC/USD pair.

The first key resistance is near the $91,850 level. A clear move above the $91,850 resistance might send the price higher. The next key resistance could be $92,500.

A close above the $92,500 resistance might initiate more gains. In the stated case, the price could rise and test the $93,450 resistance level. Any more gains might send the price toward the $95,000 resistance level.

Another Decline In BTC?

If Bitcoin fails to rise above the $91,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $89,250 level.

The first major support is near the $87,850 level or the 76.4% Fib retracement level of the upward move from the $86,621 swing low to the $91,839 high. The next support is now near the $86,620 zone. Any more losses might send the price toward the $83,500 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $89,250, followed by $87,850.

Major Resistance Levels – $91,000, and $92,500.

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