Sui (SUI) experienced a strong price rebound of 12.55% within 24 hours, bolstered by a 66% surge in trading volume to $2.1 billion. The token bounced sharply from a critical support zone at $2.43, which aligns with the 78.6% Fibonacci retracement from a rally late in 2024, effectively breaking a month-long bearish trend.
The recent price action reflects renewed bullish momentum, supported by increased accumulation from large whales transferring tokens into cold wallets, indicating growing investor confidence and long-term holding strategies.
Following the breakout from a falling wedge pattern, bulls are aiming for resistance targets at $3.10, $4.50, and $6.20. A clean break above the $3.10 resistance is crucial to sustaining the upward momentum and attracting further buying interest.
While the weekly market structure has turned bullish after a structure break in early May, daily charts still reflect bearish conditions with the Money Flow Index near 30.5. Important additional supports exist at $2.08 and $1.71, levels which if breached could reintroduce selling pressure.
The rally coincided with a broader market upswing, notably Bitcoin’s rise from $101,000 to $106,000, which may have contributed to the positive sentiment around SUI.
Overall, Sui’s increased market activity, significant whale accumulation, and technical breakout suggest a potential continuation of its recovery, provided key resistance levels are surpassed, while risk management remains vital given mixed technical signals.