Can the Bull Run Push SUI Beyond $5 and Towards $11.50?

SUI News: Sui Price Surge 70% Amid Pokémon Partnership: Is $5 Next?

Sui (SUI), one of the best-performing Layer-1 blockchains over the past few weeks, has surprised the market with a staggering 70% upsurge in the last week. Currently, the token is exchanging hands at $3.59, indicating a strong breakout and new investor interest. Underpinned by sound fundamentals, positive technicals, and a significant increase in network activity, the coin is becoming a leader in the new market rebound.

What is Driving the Recent Surge in SUI's Price?

This current rally of the token is not an aberration. The price surge is being provoked by several bullish catalysts: 

• Grayscale's launch of the SUI Trust has brought some institutional credibility to the asset:

• SUI's real-world utility is further solidified by strategic partnerships with xPortal and xMoney for the upcoming launch of a virtual Mastercard in Europe. 

• In the past week, SUI's Total Value Locked (TVL) has risen by more than 40% to touch $1.65 billion, putting it in the top 10 Layer-1 blockchains: 

• DEX volumes soared 177%, reaching a whopping $580 million, a strong indicator of rising activity and liquidity among users.

Source: Defilama

Technical Analysis: Bullish Breakout Confirms Uptrend

From the technical aspect, there is quite strong bullish momentum for the altcoin, as the breakout from the falling wedge pattern was achieved on a daily chart. Price has been on its way upward already after passing decisively through the months-long resistance at $2.20, and especially hit the projected target from the wedge at $3.30.

• The Relative Strength Index (RSI) soared from 45 to 78, confirming a strong bullish momentum.

• The next important resistance zone is between $4.50 and $5.10, which is the major hurdle before price discovery mode.

• Once cleared at this level, the next possible endpoint could be set to mark an all-time high valuation of $5.36, which was last reached on January 6.

Weekly Chart Signals Long-Term Breakout Potential

According to BitcoinSensus analysis, SUI is forming a longer-term upward pattern like an ascending wedge since June 2023, which announces a fairly organized and sustained rally. This has been further strengthened by a bullish RSI breakout in the weekly chart. If that pattern holds, analysts expect a price in the mid- to long-term of around $11.50 as wedge continuation concerns.

Market Sentiment: “SUI Is Having Its Own Bull Market”

A top analyst, Ash Crypto, called it out on its own, saying SUI is "having its own Bull Market." The asset is outperforming at high levels compared to almost all others within the Layer-1 asset class. This rise now reinforces the developing sense of confidence from and enthusiasm in the market. While others remain quite rangebound, the altcoin sharp rally has taken a markedly different trajectory, an apparent divergence with occupation of strong upward credence.

Can SUI Hit $5 and Beyond?

All indicators show that the coin momentum hasn't ended yet. With solid fundamentals, strategic partnerships, explosive TVL growth, as well as confirmed bullish technicals, the altcoin looked to be in a good spot to break $5, but that zone needs to be crossed definitively between $4.50 and $5.10. 

Indeed, if the token continues building on current momentum and harnessing gains in both DeFi and real-world applications, then that grand-sounding $11.50 price target does not appear out of reach in the medium term.