SUI has recently shown a clear upward trend. After breaking through the key resistance at $1.68, market attention has shifted to whether it will initiate a new rally. On December 31, Bitwise submitted applications for 11 cryptocurrency ETFs to regulators, including the SUI altcoin project. Following the announcement, SUI’s price increased by nearly 19% over three days, becoming a focal asset in the altcoin market.
From the overall market environment, as of press time, Bitcoin is repeatedly testing the $90,000 resistance level, but since December 30, its market share has noticeably declined, with funds beginning to flow into the altcoin sector. This structural change provides a more favorable environment for mid-to-high market cap tokens like SUI to rise.
Weekly analysis shows that although SUI was previously in a downtrend, a rebound structure is now forming. If the weekly closing price can stay above $1.79, it will be seen as an important signal that the bulls are regaining control. In this case, the price is expected to further test the $2.95 and $3.40 levels, which correspond to key Fibonacci retracement levels and are important medium-term resistance zones.
The daily chart also warrants attention. The previous high in the oscillation range was at $1.68, and the current price has already moved above this level. If the daily chart confirms a steady hold above this position, it indicates that the previous high has successfully turned into support, further strengthening bullish sentiment. Conversely, if the breakout fails, a short-term correction may occur, but based on current momentum, the probability of a deep pullback remains relatively low.
On the indicator front, OBV has begun to rise slowly, indicating ongoing capital inflow; the Awesome Oscillator has shown a bullish crossover, suggesting increasing momentum. Meanwhile, Bitcoin’s breakthrough of local resistance has also positively influenced overall market sentiment.
Overall, driven by factors such as the anticipation of cryptocurrency ETFs, the relative strength of altcoins, and technical improvements, SUI has the conditions to continue its upward movement in the short term. As long as key support levels are not broken, a breakout and trend-following trading, with a medium-term target of $3.40, remains the mainstream market expectation.
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