- SUI surged over 12% in 24 hours, reaching $4.19, backed by strong trading volume and bullish momentum.
- Technical indicators suggest continued upside, with MACD and Bollinger Bands signaling strong momentum.
The crypto market has seen renewed optimism following the FED’s decision to keep the interest rates unchanged at 4.25% to 4.5%. The broad market displays robust bullish momentum as the overall market cap and 24-hour trading volume surge to $3.56 trillion and $130 billion, respectively.
Sui, a layer-1 blockchain, has shown a remarkable rally today as the bulls hold the upper hand. As of this writing, SUI is trading at $4.13, with a surge of 10% in the past 24 hours. Despite kicking off the trading session on a low note at $3.61, SUI stole the show, climbing to an intraday high of $4.20, where it faced rejection. Furthermore, its market cap and trading volume have climbed to $12.50 billion and $1.69 billion, respectively.
Amidst the bullish recovery, SUI has been trading in a descending channel on the weekly and monthly charts. SUI lost its upward momentum after setting its all-time high of $5.35 on January 6th. The bearish setback dropped the altcoin below the $5 and $4 key levels to seek support at the $3.5 region.
Crypto analyst Ali recently highlighted a buy signal for SUI on the 12-hour chart using the TD Sequential indicator. This tool identifies trend exhaustion and potential reversals by tracking price movements. The signal suggests a possible rebound as selling pressure weakens.
The TD Sequential indicator presented a buy signal on the $SUI 12-hour chart, anticipating a price rebound! pic.twitter.com/BRLq0U9BsY
— Ali (@ali_charts) January 29, 2025
SUI Price Technical Analysis: SUI Rebounds Strongly After a Bullish Reversal
Technical indicators on the 4-hour chart display significant upward momentum fueled by positive momentum. SUI price has been rising steadily, with a series of green candlesticks forming on the chart. The Bollinger Band (BB) and Moving Average Convergence Divergence (MACD) indicators back the positive sentiment.
The Bollinger Band suggests an increase in volatility as the bands start to enlarge. The upper and lower bands are at $4.17 and $3.50, with the middle line at $3.84. SUI aligns with the upper band, where the price has faced rejection following the development of a red candlestick.
However, should the bulls lose momentum, SUI could seek support at the middle band at $3.84. Furthermore, a break below this point could lead to a retrace at the $3.50 mark, which acts as the key support.
The MACD line has been rising steadily from the negative territory, suggesting a shift in market dynamics. The histogram is printing red bar which suggests strong bullish momentum, and the price rally could continue further.
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