SUI Price is Breaking Out—Is it Heading Towards a New ATH at $5?

After a brief sell-off, the markets have begun to range back within the bullish range, triggering a fine rebound. In the meantime, the SUI price quickly triggered a strong rebound, bringing the token back within the bullish range. The latest update on the introduction of Bitcoin staking functionalities and big collaborations with Babylon Labs, Lombard Protocol, and Cubist sheds light on growing dominance within the DeFi space. 

Apart from the BTC integration and partnerships, the SUI platform has also recorded a couple of other milestones. The ecosystem has registered over 35 million active users, while the total DEX trading volume has surpassed $32 billion. This could be the primary reason behind the 25% rise in the past few days, which has revived the possibility of a strong, continued ascending trend, hitting a new ATH in a short while from now. 

The weekly chart of SUI price suggests the price has risen above the ascending trend line, which is acting as a strong resistance. The bears have held the levels around $3.6 strong, and as a result, the price is unable to clinch these levels. However, the volume has increased to some extent while the RSI is trying to sustain within the overbought zone. This could keep up the elevated trend for some more time, paving the way for a new ATH anytime from now. 

SUI is now among the top 20 cryptos in the market as per the market capitalisation. However, the trading volume has dropped by over 36.5% in the past 24 hours while the price maintains a considerable ascending trend. This suggests the sellers have flushed out to a large extent, which may further pave the way for a continued ascending trend, breaking the 1 FIB at $3.68. A sustained rally above the levels could elevate the levels to 1.2 FIB at $4.5 anytime from now.