Is There More Upside Ahead for SUI After the 9% Rally？

• SUI trades at $2.95 after a 9% jump.
• Volume is up over 81% in the last 24 hours.

The crypto market lit up with green candlesticks across the board to start the day, with its market cap holding at $3.36 trillion after a 2.75% spike. With the bullish roar, the largest assets like Bitcoin and Ethereum have reclaimed their recent highs. Among the altcoins, SUI followed suit by jumping by over 9.59% in the last 24 hours.

This price surge has triggered to hit new highs, which also helps to renew the market sentiment and strengthen the price movement targeting the $5 mark. In the early hours, SUI traded at a low of $2.70. Later, with the bullish encounter, the asset has broken through critical resistance levels between $2.74 and $2.92, and climbed to a high of $2.96.

As per CoinMarketCap data, SUI currently trades at the $2.95 zone, with its market cap at $10.21 billion. Meanwhile, the assets daily trading volume has surged by over 81.28%, reaching $1.08 billion. Besides, the SUI market has experienced a 24-hour liquidation of $3.39 million, according to Coinglass data.

Can SUI Extend Its Climb From Here？

SUI‘s technical chart analysis displays the Moving Average Convergence Divergence (MACD) line crossing above the signal line. This highlights the active upside pressure, with the asset’s price may continue to rise. Also, the assets Chaikin Money Flow (CMF) indicator is resting at 0.07, which hints that the money is flowing into the asset and there is a mild buying pressure in the market.

SUI chart (Source: TradingView)

With the ongoing bullish power, the SUI price has sufficient room for a more upside rally. It might find immediate resistance above the $2.94 range. Assuming the asset breaks this mark, it could likely target a potential $3 and above, which acts as a crucial ground for the SUI price.

However, if the upside correction of the asset weakens, the price might retrace and bring in a retest of SUIs nearby support at the level of $2.83. A break below this range generally signals the continuation of a potential bearish momentum, and the price could drop below $2.77.

SUI chart (Source: TradingView)

Furthermore, the altcoin‘s daily Relative Strength Index (RSI) found at 62.27 suggests bullish momentum in the market. It may enter the overbought zone gradually. SUI’s Bull-Bear Power (BBP) value of 0.1429 indicates that the bulls are currently dominant, and it typically supports the price movement in the near term.