SUI Price Surges 100% Since September 2024 Rebound, Eyes New ATH

Investor sentiment surrounding the SUI price has been increasingly bullish, with close monitoring of the token's price movements following a significant rise from its bearish phase. Bulls are defending a dynamic support level at $3.03, indicating strong pressure to elevate prices towards new highs. The SUI price is attempting to secure levels above $3.5, but bears are working to restrict the rally below $3.4. Despite this resistance, the token is showing a major bullish signal, suggesting a new all-time high (ATH) could be on the horizon.

The volume of SUI has been rising since the September 2024 rebound, surging to highs above $3.5 billion and marking a new ATH. After a notable volume squeeze, the volume has begun to rise again, surpassing $1.5 billion. This increase in volume, coupled with a soaring transaction count, indicates a surge in network traffic and investor vigilance over the SOL price action. The consistent rise in transaction count suggests that investors remain bullish on the token, making SUI one of the most monitored tokens and hinting at a potential upswing in the coming days.

The SUI price is closely following the Elliott wave theory, having completed both bullish and bearish waves. The rise from local bottoms and the subsequent consolidation suggest the possibility of another Elliott wave. Meanwhile, the Gaussian Channel has turned bullish, indicating the start of a bullish trend. However, the Relative Strength Index (RSI) shows a bearish divergence, raising concerns about the sustainability of the bullish trend.

During the previous upswing, when the price marked a bullish wave, the RSI surged to overbought levels, followed by a pullback. After a small consolidation, the levels triggered a rebound and entered the overbought range again. It is notable that the RSI has sustained above the average range within the upper bands during the bullish Elliot wave. As long as this pattern is maintained, the SUI price will remain under bullish influence. According to the analyst's forecast, considering the fresh Elliott wave, the SUI price could form a new ATH around $9 to $9.2 in the second half of 2025.