Sui Price Forecast: Extends Rally With Bullish Indicators Targeting $2.34

Sui (SUI) price continues to climb above $1.95 near a two-month high. The token has formed six consecutive bullish candlesticks, indicating strong upward momentum. This trend reflects growing optimism.

On-chain data from Santiment shows Sui's trading volume has reached $967.43 million, a new high since early December. The steady rise in volume suggests increasing interest and liquidity in the Sui ecosystem. This supports the recent bullish trend.

Derivatives data also reinforces the bullish outlook. Open interest in SUI futures has risen to $947.26 million, the highest level since October 10. This increase indicates new capital flowing into the market and supports the current price rally.

Sui's price has broken above the falling wedge pattern formed since October. This breakout has led to a 35% increase since December 26. Current price levels remain above $1.94, maintaining the bullish trend.

The Relative Strength Index (RSI) on the daily chart stands at 73, above the overbought threshold. This suggests strong bullish momentum is in place. The MACD indicator also shows a bullish crossover and rising green histogram bars, further supporting the upward trend.

Why Did This Happen?

According to analysis, Sui's Total Value Locked (TVL) has increased significantly, reaching $1.04 billion. This growth indicates more users are depositing and using assets on SUI-based protocols. It reflects a strengthening ecosystem and growing confidence in the platform.

The increase in open interest and volume highlights strong participation in SUI futures markets. These metrics show new capital entering the market and fueling the recent price rally. This trend is not typical of a speculative bubble but rather a sign of genuine market activity.

How Markets Responded?

Analysts have identified a short-term price target of $1.75 for SUI, with potential gains of 6% from the current $1.65 level. The medium-term target ranges from $1.70 to $2.10, representing a potential upside of 3% to 27%.

The immediate resistance level at $1.69 is critical for the continuation of the bullish trend. If SUI can break this level and hold it, it could push toward $2.34. A breakdown below $1.69, however, could lead to a correction toward the 50-day EMA at $1.66.

What Analysts Are Watching Next?

Analysts are monitoring the RSI and MACD for confirmation of the bullish trend. The RSI must maintain its current trajectory without entering overbought territory above 70. The MACD must continue to show bullish divergence to support the current price rally.

The 24-hour trading volume of $82 million on Binance provides sufficient liquidity to support any breakout moves. This liquidity is essential for confirming the strength of the upward trend and supporting the price at key resistance levels.

Investors are advised to watch for a successful retest of $1.60 as support before entering long positions. This level is a potential buying opportunity for traders with a medium-risk appetite. The bearish scenario involves a breakdown below $1.50, which would invalidate the current bullish forecast.