SUI price sees 15% gain, but are bulls out of the woods yet?

• SUI price surged 15% to $2.91, rebounding from a weekly low of $2.29.
• Gains align with a broader crypto market recovery driven by improved investor sentiment and easing geopolitical tensions.
• SUI could break above $3 and potentially eye a new peak, or dip to support near $2.

The SUI token, native to the Sui layer-1 blockchain, has soared by more than 15% in the past 24 hours, with gains to highs of $2.91 coming amid a lift in crypto market sentiment.

Notably, Sui’s uptick halts a month-long decline that pushed the token from highs of $3.80 to its lowest levels since April. But as the broader market sentiment improves, SUI’s rebound has investors in an optimistic mood as bulls target further gains.

However, with key resistance levels looming, the question remains whether this surge signals a lasting bullish trend or a bull trap.

Sui price jumps 15% amid crypto bounce

After enduring weeks of downward pressure, SUI has rebounded sharply, trading to an intraday high of $2.91 on Tuesday. At the time of writing, the altcoin’s price was at $2.79.

The double-digit gains align with the uptick in prices for the broader cryptocurrency market, with easing geopolitical tensions and Fed chair Jerome Powell’s remarks adding to investor confidence.

Sui price also gained as OKX Wallet teamed up with Navi Protocol and Momentum to “bring BTCfi to life” on Sui. The community can take part for a chance to grab a share of $2.5 million in rewards.

The SUI token thus gained as major assets like Bitcoin (BTC) and leading altcoins posted upward moves.

However, SUI’s double-digit surge stands out as it reflects a bullish impulse amid what appears as a bearish set still. The token remains 20% down over the past month and is well off its all-time peak of $5.35.

Sui price prediction: Are bulls ready to run?

The technical picture shows SUI’s price action in a descending channel on the daily chart. Sui also signals a broader descending triangle pattern. This suggests sellers may yet have a say despite the spike from weekly lows of $2.29.

A look at the charts shows the RSI bouncing off the oversold level, which means room for growth. The MACD indicator also signals a potential bullish crossover, highlighting gains as critical for bulls if they want to take the upper hand.

In this case, the key hurdles will be around $3.50 and $4.13. Take these out, and bulls could run to the ATH and higher.

Conversely, failure to maintain momentum could see SUI retreat to the $2.43 support, where a recent local low formed. If bears breach this level, it might be a bloodbath to the psychological $2 or lower.

SUI’s 15% surge reflects a broader market recovery and renewed interest in the SUI ecosystem.

Yet, with critical resistance levels ahead and the threat of bearish pressure lingering, the token’s trajectory remains uncertain.