SUI soars 30% in a day: Where will the price go this week?

SUI posts a massive pump: The start of a new bull run?

Currently trading at $1.26, SUI is outperforming a large part of the crypto market. While Bitcoin attempts to hold its key levels, SUI has capitalized on capital rotation to break out of its historical consolidation range located between $0.85 and $1.03. This technical breakout was accompanied by an impressive 30% surge this Sunday, reaching $1.44. Since then, SUI has retraced 10% of its pump.

The daily chart for SUI is clear: the asset has just escaped a compression zone that had been restricting its price since February. By breaking through the major resistance at $1.05, the bulls have regained control of the market. This level, which previously acted as key support before the last correction, has now been reclaimed with authority. Furthermore, SUI is showing 5 bullish divergences, confirming massive accumulation below the $1 mark.

The speculative hype surrounding this breakout is palpable. CoinGlass data reveals that the Open Interest on SUI derivatives has experienced a meteoric rise, jumping from $450 million to over $620 million in just a few weeks. This massive injection of liquidity indicates that traders are aggressively positioning themselves on the buy side.

Moreover, the Chaikin Money Flow (CMF) indicator has flipped into positive territory. This technical signal confirms that incoming capital flows are supporting the current rally, dismissing the risk of a fakeout for now. The buying pressure is very real and could fuel the continuation of the move.

Technical analysis: What are the next price targets?

For this nascent bull run to continue, SUI must now face decisive technical levels. The first battle will take place at its bullish trendline at $1.42. However, the biggest sell wall is created by the presence of an order block extending up to $1.52. As investors who bought below $1 begin to take profits, SUI could consolidate below this $1.52 mark.

In the event of aggressive profit taking, SUI could retrace into the zone between $1.17 and $1.04, the first liquidity pool that could cushion a potential drop for SUI. Conversely, if SUI breaks past $1.52, it could very quickly return to $1.96.

Faced with this euphoria, traders have heavily shorted SUI, with short clusters now sitting at $1.39 and $1.35. If Bitcoin holds the $80,000 level, these two price zones have a strong chance of being reclaimed.

Can SUI explode and reach $1.96 in May?

The current setup for SUI is one of the most promising in the altcoin market over the long term. With indicators flashing green, increased trader participation in derivatives markets, and a price structure that favors expansion, all the ingredients for a spectacular surge seem to be in place for the coming weeks. However, in the next few days, SUI could still be held down below its 1 day order block, which is its first real major test since its bottom.

However, the inherent volatility of the crypto market calls for caution. The ability of SUI to turn its recent resistances into stepping stones will be the true deciding factor of this trend. The token has proven that it can attract capital, but will it be able to maintain the upper hand against sellers in the event of macroeconomic turbulence?

As trading volumes continue to swell, the next weekly close will be decisive. Will the bulls have the necessary energy to smash through $1.52 and trigger the next acceleration phase toward the yearly highs?

Despite potential short term selling pressure, the outperformance of SUI speaks volumes about investor appetite for this blockchain that dominated the market in the previous cycle.

Sources:

• TradingView
• Killa on X
• Coinpedia
• MMT
• Coinglass

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