- SUI has surged above $3.50, signaling strong bullish momentum as a golden cross formation nears.
- With 29% of Ethereum outflows moving to SUI, the token is eyeing a potential breakout toward $8.
The SUI token has captured the spotlight after surging past the critical $3.50 resistance level, now turned support, signaling a potential march toward the coveted $8 mark. With April delivering a 58% gain and a bullish golden cross formation on the horizon, momentum around SUI is building fast.
The broader altcoin market is experiencing renewed vigor as the total crypto market cap—excluding Bitcoin and Ethereum—soars to $828.61 billion, marking a 7% rise this month. Among the standouts is SUI, which has rocketed from $2.26 to $3.58 in just a few weeks.
Technical Indicators Turn Bullish
SUI’s daily chart reveals a breakout from a falling wedge pattern, a classic bullish reversal signal. The token has cleared the 200-day EMA and the 23.6% Fibonacci level at $3.30, reinforcing the strength of its current uptrend. Though recent daily candles hint at short-term indecision—shown by multiple dojis—the broader outlook remains positive. The approaching golden cross, where the 50-day EMA crosses above the 200-day EMA, is historically seen as a precursor to explosive growth.
The Relative Strength Index (RSI) remains in overbought territory, highlighting persistent buying pressure and investor enthusiasm.
Also read: Solana (SOL) Eyes $200 Rally as Bearish Bets Backfire Amid Bullish Momentum
Ethereum Outflows Fuel SUI Adoption
Adding to the bullish case, data from Wormhole Scan reveals a remarkable shift in user behavior: 29% of Ethereum outflows over the past year have moved to the SUI network. Shared by blockchain analyst Torero Romero, this trend suggests growing confidence in SUI as a viable Ethereum alternative.
This influx of capital is more than symbolic—it signifies rising utility and confidence in the SUI ecosystem, setting the stage for further upward price action.
Path to $8
With strong network fundamentals and bullish technical indicators, SUI appears poised to target the 61.8% Fibonacci extension near $8—a level that would mark a new all-time high. Still, investors should watch for potential pullbacks to the $3.30 support or the 200-day EMA at $2.79.
As momentum builds and investor interest deepens, SUI’s rally could just be getting started.