SUI, a prominent layer-1 cryptocurrency, has been gaining considerable momentum after bouncing off local lows around $2.5

This upward movement signals a healthy accumulation phase with decreasing volatility, and the price has been steadily making higher lows

SUI, a prominent layer-1 cryptocurrency, has been displaying impressive resilience as it rebounds from local lows around the $2.5 mark. This upward movement is demonstrating a healthy accumulation phase with decreasing volatility.

Following the recent bottom, the price is visibly making higher lows, a bullish technical indicator. As the token climbs 6% to 7% with increasing volume, it surpasses some established players like Shiba Inu (SHIB) and Hedera (HBAR), placing it among the top layer-1 cryptocurrencies.

This bullish action is seen in the early stages of a potential rally, setting the stage for a return to all-time highs (ATHs), especially as we approach the final quarter of 2024.

After a significant drop from previous highs, SUI underwent consolidation within a falling wedge pattern. This pattern is now broken, and the price has begun moving above the wedge's resistance line—a bullish sign.

Moreover, technical indicators like the Relative Strength Index (RSI) show that momentum is building. The RSI has been rising, showing a shift in market sentiment towards greater positivity for SUI.

Also, the Directional Movement Index (DMI) has undergone a bullish crossover—another indicator that suggests potential for continued upside. However, despite these positive signals, the Average Directional Index (ADX) remains low.

This suggests that the rally might not have reached its full strength yet and could experience some consolidation around current resistance levels.

Currently, SUI is encountering resistance in the $2.8 to $2.85 range. While the price is holding steady above these levels, it may face challenges breaking through these zones unless strong buying volume comes in.

If the market volume increases and there’s greater demand for the token, SUI could break above these resistance levels, paving the way for the price to continue its rally towards $3.3.

At the moment, the token remains in a consolidation phase, and its ability to break through the $2.8 to $2.85 resistance will determine if the current rally has legs to push toward the $3 target. A failure to break these resistance levels could cause the price to consolidate further within the range before another push upwards.