SUI Surges 18% as Bullish Rally Targets $5 Despite Short-Term Overbought Signals

SUI has experienced an 18% surge in the past 24 hours, currently trading at $3.57, as momentum builds on both technical indicators and increasing network activity. The rally, which began on April 21, saw SUI print consecutive green daily candles starting at $2.10 and break out of a bullish double bottom pattern on April 22 by piercing the neckline at around $2.80. This breakout confirmed a bullish reversal and paved the way for target levels in the $3.50–$3.60 range, with the next resistance at approximately $3.85 based on the 2.618 Fibonacci extension. Analysts have noted that despite the RSI entering overbought territory and hinting at a possible short-term pullback, volume has continued to rise, suggesting strong buy-side conviction. Additional catalysts driving the surge include a spike in memecoin trading on the Sui Network and the recent announcement of a major partnership to launch a virtual Mastercard powered by xMoney, which has further bolstered investor confidence. The network’s total value locked (TVL) also surged by 8% in one day, climbing to $1.64 billion and positioning Sui as the 9th-largest chain by TVL, surpassing competitors such as Avalanche (AVAX) and Aptos (APT).