- Sui price has surged 21%, driven by Meta’s renewed stablecoin discussions and strong technical indicators, signaling a potential 60% rally.
- Record-breaking open interest of $1.86B and network expansion further fuel optimism for continued price growth.
5The price of Sui (SUI) has surged 21% on May 8, breaking out of a bullish wedge pattern and fueling speculation about the potential for further gains. As Bitcoin prices soar to new heights, the rally has also lifted altcoins, including Sui, whose price reached $3.885. But what’s behind this price movement, and could Sui be on track for a 60% rally?
One key factor driving the Sui price surge is the resurgence of Meta’s stablecoin discussions. After shutting down its Diem project in 2022, Meta, under the leadership of Ginger Baker, has revisited the stablecoin space, discussing potential use cases for global creator and business payouts on platforms like Instagram. This has sparked renewed interest in Sui, as the project’s engineers were former Diem team members, giving Sui a unique connection to Meta’s stablecoin legacy.
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In addition to Meta’s stablecoin revival, Sui’s technical indicators are showing bullish signs. The token has formed a bull flag pattern, with an impressive 86% rally in April followed by a consolidation period that tested the $3.18 support level. This type of pattern often signals continuation of the prior uptrend, with Sui potentially targeting $6.26—a 60% rise from current levels.
Technical indicators back this optimistic forecast. The Relative Strength Index (RSI) stands at 65.82, showing that bullish momentum is building gradually. The Chaikin Money Flow index, a measure of money flow, is at 0.18, indicating positive market sentiment. Moreover, the Sui network continues to expand, with over 10 billion transactions processed and a Total Value Locked (TVL) approaching its all-time high of $2.08 billion.
Open interest in derivatives has also reached a record $1.86 billion, signaling increasing trader activity and expectations for continued upside. Despite a small pullback, Sui’s price movements suggest strong support around $3.67 and $3.18. If the price holds, a rally toward $6 is likely, and further Fibonacci levels hint at even higher targets—up to $8.46 in an optimistic scenario.
