SUI Surges 58% in April, Ethereum Outflows Fuel Rally

SUI has recently captured significant market attention due to a substantial 58% monthly price increase, surpassing the $3.50 mark. This breakout is a clear indication of strong bullish momentum, partly fueled by increasing outflows from Ethereum. The altcoin market cap, excluding Bitcoin and Ethereum, has risen by 7% to $828.61 billion, further enhancing market sentiment. Currently trading at $3.56, SUI has solidified its position above the $3.50 resistance-turned-support level. Analysts are closely monitoring for a golden cross between the 50-day and 200-day exponential moving averages (EMAs), which could further validate and strengthen the ongoing price breakout. Market optimism is growing as SUI emerges as a potential Ethereum alternative, supported by robust fundamentals.

The price breakout above $3.50 marks a critical turning point for SUI. The daily chart shows that SUI has breached both the 200-day EMA and the 23.60% trend-based Fibonacci level at $3.30, confirming the breakout. The rally began from an April low of $2.26 and reached a current high of $3.58. This 58% surge has positioned SUI as one of April’s top-performing assets. While recent doji candles suggest a slight cooling of momentum, the impending golden cross hints at continued upward movement. If the price breakout holds, traders are anticipating an aggressive push toward $8, driven by sustained network growth.

The bullish reversal on SUI’s daily chart is characterized by a falling wedge breakout, further reinforcing the price breakout. This breakout zone was confirmed by volume spikes and an RSI that remains above 70, indicating sustained momentum. Historically, a golden cross signals long-term bullish reversals. The price is now firmly above the SUI resistance level of $3.30, which has flipped into support. At the ecosystem level, 29% of all Ethereum outflows from the Wormhole Bridge in the past year have moved into SUI, positioning it as a rising Ethereum alternative. The on-chain activity bolsters bullish sentiment behind the SUI price action. Analysts maintain a target of $8 if the current rally holds, with downside support at $2.79, the 200-day EMA. The increasing volume-to-market cap ratio supports this forecast, raising the question of whether SUI can break new highs in the coming weeks amid growing investor confidence.

As the golden cross nears, investor confidence in the price breakout continues to strengthen. The bullish crossover of the 50-day and 200-day EMAs traditionally signals the start of a major uptrend. Combined with heightened daily trading volume and a growing market cap of $11.58 billion, the technical setup for SUI remains highly favorable. The SUI resistance level at $3.50 now acts as firm support, solidifying the bullish case. Despite short-term volatility, the breakout structure remains intact, encouraging long-term holders and new entrants to explore the potential upside. The SUI price breakout is far from over.

Following the price breakout, the token faces a key test. Holding above the $3.50 SUI resistance level is crucial for sustaining this rally. With a potential golden cross and growing Ethereum inflows, analysts believe the SUI price will rise toward the $8 Fibonacci target. However, if momentum fades, traders may see a retest of the $3.30 level. The SUI price action continues to impress, but the question remains: Can SUI break new highs? That’s the question SUI traders must now answer. As long as fundamentals hold, the SUI price breakout narrative stays strong into May.