SUI Price Breaks Out Above Resistance, Signaling a Shift Toward Bullish Momentum

The SUI price has broken through a critical resistance level, signaling a shift toward bullish momentum. Increasing trading volume

Key Insights:

* SUI broke through its key zone of resistance at $2.45, signaling a trend reversal.

* Technical indicators suggest that SUI could see gains in the coming weeks.

* By May, the price will climb toward new highs, aiming for $3.8-$4.

* The breakout is supported by increasing trading volume and Relative Strength Index (RSI) in the bullish territory.

* New price increases for SUI are now possible with high volume levels and positive RSI values.

Above Resistance Confirms Trend Reversal

SUI has breached its key zone of resistance at $2.45, signaling a turning point in its market performance. This breakout showcases the absence of selling pressure and the potential for the market to continue its upward move.

Completing an inverse head-and-shoulders pattern implies an inverse pattern and, hence, an indication of a bullish reversal. Market momentum shifted upward after the price broke above the pattern’s neckline, indicating a move away from the previous downtrend.

According to TedPillows, the current positive market trend suggests SUI’s price will likely hit between $3.8 and $4 in the near future. The upcoming price target is 30-40% higher than its current value of $2.88.

Volume and RSI Support Bullish Sentiment

The SUI price surge comes with increasing volume, which means a higher buying interest in SUI. This market surge increases the bullish sentiment, indicating market participants are actively piling into this asset.

Besides, the Relative Strength Index (RSI) is bullish, and the asset is not yet oversold. It further upholds the uptrend and indicates that the trend can continue to rise without immediately reversing.

With high volume levels and positive RSI values, new price increases for SUI are now possible. Assuming the asset sits above the breakout threshold of $2.45, the sTower token should continue performing well in the SUI market. After successfully breaking the resistance level, analyst CryptoMichNL says SUI will reach new highs again and suggests that the new all-time high will be achieved within the next quarter.

Increased Open Interest Signals Growing Market Confidence

Increasing open interest in the SUI contract shows market participants’ growing confidence in this market. According to recent market data, SUI open interest grew by 21.74%, with new positions opening as market participation increased, reaching $488.6 million in 24 hours. The growing number of market participants indicates bullish momentum, as participation continues to rise steadily.

Market participation increases as open interest levels rise, demonstrating rising S