SUI Coin Flips BNB On This Front: Is $5 Imminent Now?

Sui Network (SUI) together with its ecosystem’s coins continued to thrive in the crypto markets with notable performances in volume and price gains.

SUI vs. BNB Daily Trading Volumes

One aspect that SUI performed was in the 24-hour trading volume where its $1,718,906,124 broke above BNB’s $1,635,913,728.

This had moved from SUI changed from 478.55 million compared to 2.68 million BNB .

SUI flipping BNB in volume was noteworthy considering that for a long time, BNB has enjoyed strong dominance amongst altcoins thanks to its central placement in Binance’s ecosystem.

For BNB, such a drop in relative volume may mean rotation or diversion of attention from the trader’s part.

For SUI, increasing activity may represent an increase in investor interest or speculation or ecosystem activity.

Consistent high volume could potentially facilitate price discovery, but at the cost of volatility.

Its sustainability would be subject to the sustained network participation, capital inflow and general market support. This event sounds a growing loudness but it is not a final long-term change yet.

SUI Price Analysis

A look into the price action of SUI on the daily time frame, the altcoin saw a classic bull flag break out. This could be a sign that momentum could change dramatically to the upside.

If SUI price closes above the upper resistance of the consolidation zone, price could peak at $3.63 as at the time of analysis, when the breakout candle closed above.

The previous flag was determined between $3.20 and $3.55, which fit perfectly to textbook continuation structures of the altcoin.

If this move held up and volume built, the expected breakout may take SUI to roughly the $5.00 target.

The measured move for this setup was based off the original flagpole—around $2.40 to $3.60—if it breaks there, it is projecting another $1.60 higher validating $5.00 upside potential.

However, if the breakout was unsuccessful and price re-entered the channel then the downside risk might take the pair back down to the lower trendline support down at $3.20 or maybe down to even $3.00.

This would prompt earners to check volume and daily close integrity for confirmation. The $3.55 successful retest could act as support and provide more bullish continuation indicators.

SUI MACD and RSI Readings

Worth noting, the price of SUI/USDT set the tone with sustained upward momentum, breaking the $3.60 resistance and closed at roughly 3.637.

This move found support in strong volume growth accompanied by a strong crossover of the 5MA and 10MA over the 20MA historically meaning another leg higher in price.

RSI exceeded the overbought region of above 70, which indicated the asset might likely revert to consolidation minor pullback before more price gains could happen.

The MACD showed bullish activity as well, with the line crossing above the signal line, which indicated bullish momentum.

Still, the gap between price and short term moving averages, could actually imply extension in the short term trend.

If the rally gets more volume support, the breakout could continue supporting the potential to hit $5.

On the other hand, failure to hold greater than $3.60 may lead to a test of former intraday supports moving around $3.40.

The volume buildup and the overbuying by RSI suggested that SUI might to have consolidate for strength or make a small correction to give itself a leg up.

The post SUI Coin Flips BNB On This Front: Is $5 Imminent Now? appeared first on The Coin Republic.