SUI gains bullish momentum following a wedge breakout. With a golden crossover forming and TVL rising, can it reach the $6 milestone? With a strong attempt to break into the top 10 cryptocurrencies, SUI is currently trading at $3.34.
The project boasts a market cap of $11.16 billion and has recorded a 0.64% gain in the past 24 hours. SUI price remains above the $3.30 level, hinting at a potential bounce following a retest. Could the golden crossover between the 50- and 200-day EMAs ignite the next major rally toward $6?
– Advertisement – SUI Price Analysis SUI’s daily chart showcases a bullish breakout of a falling wedge pattern. This wedge breakout rally marked the end of the prevailing declining phase during Q1 2025. Between early January and April, the price declined nearly 65%.
However, the recent rebound has pushed the price above both the 50- and 200-day EMAs, as well as the key psychological level at $3. Currently, SUI is holding above $3.30 at the 23.60% trend-based Fibonacci retracement level. The surge in bullish momentum has brought the 50- and 200-day EMAs close to forming a golden crossover.
If this uptrend continues, the crossover could confirm a strong bullish signal. Supporting the bullish case, the Chaikin Money Flow Index remains positive, recently spiking to 0.18. With continued positive money flow, the uptrend appears sustainable.
If a post-retest recovery follows, Fibonacci levels point to a near-term target of $4.63 (38.20% retracement). – Advertisement – In a more optimistic scenario, the rally could extend to the 50% Fibonacci level, hitting the $6 mark. This would mark a new all-time high for SUI, driven by the ongoing bullish breakout.
On the downside, immediate support lies just below $3.30, at the 200-day EMA around $2.83. SUI Ecosystem Strengthens as Stablecoin Market Cap Hits All-Time High As SUI eyes a new all-time high, its ecosystem continues to gain strength. According to SUIScan, the total value locked (TVL) on the SUI network stands at $1.77 billion, with total accounts reaching 177 million.
Additionally, DeFiLlama data shows that the SUI stablecoin market cap has climbed to $918 million—a new all-time high. As of May 6, daily DEX volume on the SUI network has reached $487.99 million.
