SUI, an altcoin in crypto, has experienced strong growth as its price increased to $3.86

As Bitcoin continues its rise, altcoins such as SUI are appearing to have promising bullish trends. Its growing network, along with a positive technical pattern

The price of SUI, an altcoin in crypto, has experienced strong growth as it continues trading at $3.86. With Bitcoin showing signs of recovery, some altcoins, like SUI, are appearing to have promising bullish trends that may continue. Its growing network, along with a positive technical pattern, suggest that the altcoin may reach a new peak soon.

Network Activity Surging

The SUI network has reached several important milestones, helping it secure a stronger role in the market. Volume on decentralized exchanges has surged to new highs as people become more engaged in the market. SUI is also ranked number one in terms of stablecoin inflows, indicating that money is flowing into the network. Perhaps most importantly, DAUs on SUI have tripled in the past three months, highlighting a surge in usage on the network.

“The higher the breakout, the heavier the move will be. That's always how it goes with price action.

$SUI isn't different.

– DEX volume on SUI has hit an ATH.

– Most stablecoin inflow is happening in SUI.

– SUI's DAU's have tripled over the past three months. The chain is rolling. 💪

Thoughts on $SUI here 👇 pic.twitter.com/2Tyx1zERQW

— Incre Rockwell (@Rockwell_IV) May 21, 2024

The lower lows forming above a rising channel, and the breaking out of the falling wedge, show that the market could rise even further. At the same time, the latest crossover between the 50-day and 200-day exponential moving averages provides support for the belief that the market is headed higher. Additionally, the 50-day and 100-day EMAs currently intersecting from beneath add further support to the continuing rise in price.

Another interesting sign of an upward move is seen from the RSI, which is in bullish divergence, whereas the price made a new low. However, the RSI is now showing signs of fatigue as it approaches overbought territory.

Resistance Levels and Risks to Scan

At the 38.20% Fibonacci level, the current resistance for the token is expected at $4.6335. This is expected to provide a 20% gain if the trend remains the same. As things progress, the token may rise to hit a new all-time high at $6.08, which corresponds to the first 50% retracement. This achievement would be significant if the wider market experiences recovery.

However, some thoughts on risks cannot be disregarded. If the support level at the lower end of the rising channel breaks, cryptocurrency may head back towards the 50-day EMA at $3.31. Nonetheless, the coin appears poised for success, considering its network is growing robustly, and various technical indicators suggest a promising outlook for the token.