• SUI breaks $2, reaching new ATH of $2.36.

  • Short-term pullback expected to $2.16 before potential rebound.

  • Long-term projections suggest $3 by month-end and $5 by year-end.

SUI has demonstrated remarkable resilience, surging past the $2 threshold and establishing a new all-time high (ATH) of $2.36 during early trading hours.

This unprecedented price action has ignited optimism among traders, fueling expectations of sustained bullish momentum in the near term. As SUI regains lost ground and attention, market participants anticipate a period of price discovery and potential stabilization at these elevated levels.

Drawing parallels to Solana’s meteoric rise in 2021, which saw SOL skyrocket beyond $220, analysts view SUI’s recent performance as the potential beginning of a fresh upward cycle. However, the path to higher targets, such as the $2.5 to $2.55 range, hinges on specific market conditions being met.

SUI technical analysis shows bullish sentiment

Technical analysis reveals SUI’s price movement within a rising parallel channel, indicative of robust bullish sentiment. The recent touch of the upper resistance, coinciding with the new ATH, suggests a possible minor pullback to the channel’s average bands.

This short-term bearish narrative finds support in technical indicators, with the Stochastic RSI heading towards lower support and the MACD signaling a reduction in buying pressure.

This confluence of factors points to a potential short-term retracement to the $2.16 level over the next couple of days. However, this pullback may set the stage for a renewed upswing, with bulls potentially regaining control at the average bands and propelling SUI towards new heights above $2.4.

Looking beyond these short-term fluctuations, the broader outlook for SUI remains decidedly bullish. Market projections suggest the potential for SUI to close the month around the $3 mark, with ambitious targets of $5 by year-end.

These long-term forecasts underscore the growing confidence in SUI’s fundamental value proposition and its ability to capture market share in the competitive blockchain ecosystem.