The article discusses the bullish technical setup of SUI, a cryptocurrency that is approaching the $5 psychological mark. SUI's decentralized exchange volumes are hitting record highs and it currently ranks as the 16th largest cryptocurrency in terms of market cap. The price action reveals a rising channel pattern with a V-shaped reversal, resulting in a new all-time high at $4.87. The price has experienced a minor pullback but maintains dominance above the $4.50 psychological mark. The article highlights SUI's growing presence in the DeFi space and its ability to attract both builders and users. Based on the technical setup and Fibonacci levels, a bullish continuation is expected to test the overhead trendline, potentially leading to a breakout rally with price targets at $5.28 and $6.61. However, a drop below the 61.80% Fibonacci level would test the critical 50% level at $4.21.



Other News from Today