Sui Price Skyrocketed 124% This Week, What's Next?

Sui price skyrocketed on Monday, extending its hot streak and outperforming the rest of the top 100 crypto assets on both the daily and weekly charts.

Coin Price Forecast: SUI Price Surges Past $1 as Bulls Eye Next Target

After a stellar performance last week, SUI price has continued to rally on Monday, outperforming the rest of the top 100 crypto assets on both the daily and weekly charts.

At the time of writing, SUI is trading at $1.05, having gained 21% over the past 24 hours. This brings the crypto asset’s weekly gains to 124%, highlighting the strong bullishness around the coin.

Importantly, a return above the $1 mark bodes well for SUI from a psychological perspective, which could extend its upside. The SUIUSD pair is being propelled not only by the upbeat sentiment across the wider crypto market but also the momentum created by the SUI token’s inclusion in the Grayscale SUI Trust last week.

This inclusion is expected to bring in significant capital inflows that could propel SUI price higher. However, the return to $1 could be counterproductive for SUI if selling pressure sets in at that psychological level, especially if the rest of the crypto market fails to keep up. For instance, Bitcoin’s slip below the $60k mark could potentially trigger a move to the downside.

SUI Price Momentum Indicators

Looking at the 2-hour price chart, SUI price seems poised to continue climbing, as indicated by the Bollinger Bands. The price has broken above the upper Bollinger Band, indicating strong upward momentum. Meanwhile, the middle band aligns with 0.917, which will likely serve as the near-term support mark.

Furthermore, the upside momentum is reinforced by the strong RSI reading, which currently stands at 73. Support and Resistance Levels

The momentum on SUI will likely continue to the upside if the price manages to stay above the 1.000 pivot. In that case, the first resistance could be encountered at the 1.046 mark. However, an extended control by the buyers at that mark will breach above it and potentially go on to test 1.100.

Alternatively, a move below 1.000 will signal control by the sellers. If that happens, the first support could come at 0.964. However, extended control could breach below that mark, which could invalidate the upside narrative and take SUI to test 0.925.