Sui value up over 30% in every week, can bulls reclaim $1.50?

Sui value continued consolidating close to latest highs on Monday after posting one of many strongest weekly rallies amongst main cryptocurrencies, elevating expectations that bulls may quickly try a retest of the important thing $1.50 resistance stage.

In keeping with knowledge from crypto.information, Sui (SUI) traded round $1.26 at press time on Could 12 after rallying greater than 30% over the previous seven days. The token not too long ago surged from under $0.95 to highs close to $1.40 earlier than dealing with gentle profit-taking close to native resistance.

The newest rally got here as investor sentiment across the Sui ecosystem continued bettering following a number of main institutional and ecosystem developments over latest weeks.

One of many largest catalysts stays the rising provide squeeze created by Nasdaq-listed SUI Group Holdings. The corporate beforehand moved its complete treasury of 108.7 million SUI tokens into direct staking on the community, successfully eradicating practically 2.7% of the token’s circulating provide from lively market buying and selling.

The decreased liquid provide helped strengthen bullish momentum as demand for the token accelerated alongside bettering market circumstances throughout the crypto sector.

On the similar time, Mysten Labs not too long ago revealed plans to launch confidential transactions and fee-free stablecoin transfers on the Sui blockchain later this 12 months, developments that considerably boosted optimism across the community’s long-term adoption potential.

In the meantime, derivatives exercise added additional gasoline to the rally. CoinGlass knowledge not too long ago confirmed a pointy enhance in brief liquidations as bearish merchants had been pressured to shut positions throughout SUI’s speedy breakout above the psychological $1.00 resistance zone.

The mix of bettering fundamentals, tightening provide circumstances, and aggressive brief overlaying helped drive one in all SUI’s strongest weekly performances in months.

Sui value evaluation

On the each day chart, SUI not too long ago confirmed a strong breakout above the important thing $1.00 resistance area after spending a number of months consolidating between roughly $0.85 and $1.05.

The rally pushed SUI towards the foremost horizontal resistance zone close to $1.50, a stage that beforehand acted as a powerful help space earlier than the broader market correction earlier this 12 months.

Momentum indicators proceed to favor the bulls regardless of some indicators of short-term cooling. The MACD stays firmly bullish following a powerful constructive crossover, whereas the histogram continues printing increasing inexperienced bars, suggesting upward momentum stays intact.

In the meantime, the RSI not too long ago climbed above 73 earlier than easing barely decrease, indicating that SUI briefly entered overbought territory in the course of the rally. Whereas this might set off short-term consolidation or gentle pullbacks, the indicator nonetheless stays above its sign line, exhibiting consumers largely stay in management.

If bullish momentum continues constructing above the present consolidation zone, SUI may quickly try one other breakout towards the important thing $1.50 resistance stage. A decisive transfer above that space may probably open the door towards larger resistance zones not seen since early 2026.

On the draw back, failure to carry above the $1.20 help area may set off profit-taking and pull SUI again towards the earlier breakout zone close to $1.00 earlier than consumers try one other upward transfer.