Key Insights:
- Analyst says SUI price has hit a key premium zone after rallying 474%.
- A 48% upside is possible for SUI as targets point to $4.50 if $3.01 support holds.
- Sui price forecast remains bullish amid growing DeFi-ready features.
Sui price has fallen 6.55% in the past 24 hours, now trading at $3.52. Trading volume also declined by 7.9% to $1.8 billion.
Despite declining volume, SUI remained a standout performer, surging 49% in the past week. It ranked third in weekly gains, trailing only Virtuals Protocol (VIRTUAL) and Official Trump (TRUMP).
One top analyst has speculated that SUI has “entered a premium zone” around $3.50. Can Sui price snatch more gains from the market after soaring in the past week?
Sui Price Wild Ride: What’s Driving the Hype?
Sui price has been on a tear. The chart shared by Coin Edition on X tells the story of a coin flexing hard. From a base around $1.70, SUI skyrocketed to $3.50, showing off a massive 474% gain. But what’s fueling this rally?
While the broader crypto market has been a mixed bag this week, some key developments give Sui a tailwind. The market sentiment is leaning bullish, with Bitcoin showing signs of accumulation.
Bitcoin exchange supplies have dropped to a seven-year low of 2.488M BTC, according to CryptoQuant. Meanwhile, BTC ETFs have seen strong momentum, with $591.2M inflows over seven consecutive days.
This suggests that big players are stacking sats, and altcoins like Sui often ride the wave when BTC flexes.
On the Sui front, the ecosystem is popping off. Sui’s layer-1 blockchain is drawing attention for its scalability and innovative features.
zkLogin and sponsored transactions simplify access to DeFi, making it more user-friendly for a broader audience. Meanwhile, Sui’s strong fundamentals and potential for DeFi adoption make it the next big layer-1 to watch in 2025.
Is SUI Price Ready to Pump 41%?
Sui price chart has been hyper-bullish over the past few days, but there’s some nuance to be unpacked. The rally of SUI from $1.70 to $3.50 was a parabolic move. The chart shows a clear breakout above resistance around $2.77, with volume spiking as buyers piled in.
At $3.50, SUI ranges in what Coin Edition calls a “premium zone.” This area aligns above the 32.8% Fibonacci retracement level from the previous swing high.
While the Sui price may bounce from this level, it will likely retest the 38.2% level or lower to 50% and 61.8%. These are key spots where profit-taking often kicks in and usually acts as support if sellers step in.
SUI chart marks three upside targets: $3.86, $4.33, and $4.94. This aligns with the 100%, 127%, and 161.8% Fibonacci extensions. There’s also a fair value gap (FVG) between $2.77 and $3.00, and another between $3.18 and $3.52.
These often act like magnets for price. If the Sui price dips, the “buy low momentum” zone around $2.79 could be a spot to watch. However, the overall structure signals “higher highs, higher lows.”
It’s not all moon emojis, though. The broader market has some red flags, as Coin Edition showed on an X post.
BTC options/futures open interest ratio (46.04% as of April 28) reveals that traders make leveraged bets without hedging. This could lead to liquidation cascades if sentiment flips. As an altcoin, SUI isn’t immune to BTC’s mood swings, so keep an eye on the king.
Coinglass’s data shows that futures traders are more bearish than bullish on the Sui price. The cumulative short liquidation leverage over the past 7 days was $135.15M, while the corresponding longs were $95.44M.
On the flip side, Sui’s fundamentals are looking juicy. The ecosystem’s focus on scalability and user experience pulls in devs and users, and the community on X is hyped for a bull run in 2025.
If SUI holds above $3.01 on a pullback and clears $3.54, that 41% move to $4.50 looks doable. Beyond that, $6 could be in play if the market stays frothy.
To Hold or to Sell?
Sui is making waves with its strong price movement and solid fundamentals. The chart signals bullish momentum, hinting at a potential rally ahead.
A 41% pump to $4.50 seems within reach, especially with weak selling pressure and bullish market sentiment. Investors riding this wave should watch that $3.01 support and BTC’s next move.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
