SUI Price Surges 4% Following Key Partnerships, Is $5 the Next Target?

The SUI price is showing a bullish muscle, as it has surged 4%, with the SUI/USD exchanging hands at $1.15 at press time. Its 24-hour trading volume has also gone ballistic by soaring 1% to $526 million, suggesting a shift in the SUI market. 

This noticeable price movement comes as SUI rapidly grows within the blockchain space, with key partnerships strengthening its ecosystem. One of the most prominent collaborations is with Tencent Cloud, which supports over 20 blockchain networks, including SUI. This partnership allows SUI developers to leverage Tencent’s high-performance infrastructure, enabling faster and more efficient decentralized applications.

Moreover, Circle has announced native USDC on the SUI network at Token 2049. Notably, the integration will enhance Sui’s usability, security, and interoperability within the Web3 space.

🚨 JUST IN:$SUI network has announced the release of their native USDC at Token 2049!

This move is set to attract more users to its growing ecosystem! pic.twitter.com/2FPFdJoXnS

— Bullish Times (@BullishTimes_) September 17, 2024

With the volume increase and the rapidly growing key partnerships in the SUI network, the SUI price may jump to $5. Let us dive deep into the technical analysis and decrypt more. 

SUI Statistical Data

Based on CoinmarketCap data: 

• SUI price now – $1.15
• Trading volume (24h) – $526 million
• Market cap – $3.09 billion
• Total supply – 10 billion
• Circulating supply – 2.67 billion 
• SUI ranking – #27

How High Can SUI Go As Technical Indicators Flash Bullish

The SUI price has flipped bullishly within a rising channel, reinforcing the market’s sentiment. The bulls show no signs of slowing down, as they have broken above the key moving averages, including the 50-day and 200-day SMAs. Bulls have set strong support at $0.91 and $1.01, potentially pushing the price to a new all-time high.

Although not currently overbought according to the position of the Relative Strength Index (RSI), which sits at 60, SUI has potential room for the upside. Holding the $1.01 support intact might encourage investors not to sell for short-term profiteering but to focus on the possible gains targeting $2 to $5 respectively. 

Moreover, traders interested in holding long positions in SUI can do so, as the market encourages investors to rally behind SUI. This is evident with the manifestation of a golden cross pattern on the four-hour chart, suggesting a bullish gesture. A golden cross is often interpreted as a bullish signal, and it comes when the short-term moving average (50-day SMA) crosses above a long-term moving average (200-day SMA).

On the other hand, the Moving Average Convergence Divergence (MACD) introduces a new bearish outlook on the four-hour chart. The sell signal has manifested in that the blue MACD line has flipped below the orange signal line, revealing that declines should be expected in the SUI market. This impending correction could gain momentum if the MACD continues to drop toward the neutral zone (0.00) and later into the negative region.

SUI Price Outlook

In the four-hour chart above, the bulls have left no stone unturned as they control the market. If the buying appetite accelerates at this level and the $1.01 support holds steady, the SUI price could hit a new ATH. This support could let bulls gain momentum as more traders buy into SUI, creating a favorable environment for a rally. This will see SUI hit $2 in the short term or even $5 in a highly bullish case. 

Conversely, with the MACD indicator sending forth a sell signal, the SUI price could drop. In such a case, a drop to $1.01 support will absorb the intense selling pressure. However, a breach and break below $0.90 may trigger panic selling, causing SUI prices to dive to $0.86.