SUI Price Records Strong Bullish Sentiment as Its Native Token, SUI, Rallies

Sui blockchain's native token, SUI, is recording strong bullish sentiment, trading around $3.40, the token has risen by nearly 1.7% in the past 24 hours.

The cryptocurrency market continues to be a hot topic among investors, with several tokens showing promising strength. Among them, Sui’s native token (SUI) is displaying notably bullish sentiment on CoinMarketCap’s community sentiment.

Currently ranked no. 11 with a price of $3.65, SUI boasts a 24h volume of $1.76 B and a market cap of $12.18 B. The token has seen a slight increase of nearly 1.7% in the past 24 hours.

After a sharp rally of over 75% in the second half of April, SUI has entered a period of consolidation, forming a textbook bull flag pattern since May-start.

Popular trader and podcast host Scott Melker recently remarked that SUI shows "significant upside potential". The optimism is further supported by a 16% jump in 24-hour trading volume, reflecting renewed market interest.

SUI Showing Strength

This bullish momentum coincides with 21Shares last week announcing the launch of an institutional-grade product for accessing the Sui Layer-1 network.

Just weeks prior, Grayscale had launched the SUI Trust to expand the token’s institutional adoption. The protocol also joined hands with xPortal and xMoney to enable a virtual Mastercard rollout across Europe.

Sui network is also among the top 10 Layer-1 blockchains with over $1.74 billion in total value locked (TVL). Notably, the past month alone saw TVL rise by 56%, showcasing growing trust in the ecosystem.

SUI Price Outlook

On the daily chart, SUI is trading within a bull flag pattern. The sharp rally from around $2.60 to $3.80 in late April forms the pole of the pattern.

$SUI

Consolidating in a bull flag under resistance.

Lots of potential here. pic.twitter.com/AFV6SuvpCm

— The Wolf Of All Streets (@scottmelker) May 7, 2025

The current consolidation shows a familiar structure of a small descending flag, with resistance encountered at the $3.50 mark.

If SUI manages to break above this level, traders could set the next upside target around $4.70, which is the measured height of the bull flag. However, the pattern remains valid only if the token stays above the lower boundary of the flag.

Meanwhile, the RSI is currently around 64, indicating that the 11th largest cryptocurrency is nearing the overbought region. Traders should watch for any RSI move above 70 for potential divergence, which often leads to price reversals.

SUI price chart with RSI and Bollinger bands | Source: TradingView

Bollinger Bands suggest SUI remains in an upward bias, as it trades above the mid band (20-day simple moving average) at around $3.12.

While the token has pulled back from the upper band, it’s still within a healthy uptrend channel. A renewed push to the upper band could indicate another wave of buying pressure. If SUI crosses the $3.50 resistance, it could test the $4.70 region.

A crypto journalist with over 5 years experience in covering the space, focusing on the intersection of Web3, institutions and retail. Countless articles published on major platforms in the crypto and finance domain. Surviving several bear and bull markets, with experience in trading. Also an author of 4 self-published books.