- SUI price rose 15% to $2.91, rebounding from a weekly low of $2.29.
- Gains align with a broader crypto market recovery driven by improved investor sentiment and easing geopolitical tensions.
- SUI could break above $3.00 and target a new high, or fall back to support near $2.00.
The SUI token, native to the Sui layer-1 blockchain, climbed more than 15% in the past 24 hours, with intraday highs reaching $2.91 amid a broader lift in crypto market sentiment.
Notably, the rally halted a monthly decline that had pushed the token down from $3.80 to its lowest level since April. As market sentiment improves, SUI’s rebound has put investors in a more optimistic mood, with bulls focusing on extending gains.
However, with the token approaching key resistance levels, the question remains whether this surge marks a sustained bullish trend or a potential bull trap.
SUI price jumps 15% amid crypto market rebound
After weeks of downward pressure, SUI staged a sharp rebound and traded at an intraday high of $2.91 on Tuesday. At the time of writing, the altcoin was trading around $2.79.
Double-digit gains mirror broader market strength, as easing geopolitical tensions and comments from Federal Reserve Chair Jerome Powell have boosted investor confidence.
The SUI price also rose following a collaboration between the OKX Wallet, Navi Protocol, and Momentum to “bring BTCfi to life” on Sui. The initiative includes community participation and more than $2.5 million in rewards.
The token’s gains coincided with upward moves in major assets like Bitcoin (BTC) and leading altcoins.
Despite the broader market recovery, SUI’s double-digit jump stands out because it occurs amid what still appears to be a generally bearish backdrop. The token has fallen roughly 20% over the past month and remains far below its all-time high of $5.35.
SUI price outlook: Are the bulls ready to run?
Technically, SUI’s price action forms a descending channel on the daily chart and suggests a broader descending triangle pattern. This implies sellers could still dominate despite the sharp bounce from last week’s low of $2.29.
Chart indicators show the RSI bouncing from oversold territory, indicating room for further gains. The MACD is also signaling a possible bullish crossover, underscoring that sustaining momentum will be critical for bulls aiming to seize control.
Key resistance levels to watch sit near $3.50 and $4.13. If bulls clear those barriers, they could push SUI toward a retest of its prior highs and potentially beyond.
Conversely, a failure to maintain upside momentum could see SUI retreat to support around $2.43, where a recent local low formed. A break below that level could open the door to a psychological test of $2.00 or lower.
The 15% spike highlights a broader market recovery and renewed interest in the SUI ecosystem.
Even with critical resistance levels ahead and the ongoing risk of bearish pressure, the token’s short-term trajectory remains uncertain.