SUI price aims for new all-time high with flag breakout rally

SUI is up 17.57% and broke the resistance level at $3.64. Can the bullish flag breakout lead to a new all-time high above $4?

As one of the rising altcoins in the crypto market in the last 24 hours, SUI is up 4.36%. With this price increase, the altcoin has reached a market cap of $10.99 billion.

The SUI breakout rally is approaching a new all-time high above the psychological milestone of $4. Will the ongoing rally lead to an extension that crosses the $4 mark? Let’s find out.

SUI price analysis

On the 4-hour chart, SUI price advance is crossing above the upper trendline of a descending channel pattern. This falling channel has formed a bullish flag pattern that complements the bull run.

As a result, SUI price action is showing strong bullish momentum, suggesting a rally to breakout of the bullish flag. The price broke the upper-side resistance trend line and encountered resistance near the $3.64 level, resulting in a slight decline.

However, after a successful post-test reversal, the price of SUI has risen from $3.18 to $3.7417, a rally of 17.57%. Furthermore, the breakout rally has surpassed the $3.64 resistance level, which coincides with the 23.60% Fibonacci level.

SUI price action continues to show a reversal from the Fibonacci resistance to support level after the test. The price is approaching its all-time high of $3.9433 and forming higher highs.

Furthermore, the highest price coincides with the supply zone, which is between $3.89 and $3.95, just below the 38.20% Fibonacci level. Therefore, the ongoing breakout rally is approaching a critical resistance zone.

The breakout rally has also seen a rise above the 50-SMA line, which is on the verge of crossing above the 100-SMA. Additionally, the 4-hour RSI has risen near the overbought limit, indicating increased underlying buying pressure. As a result, technical indicators suggest increasing buying pressure, increasing the likelihood of a new all-time high.

SUI price targets

Using the trend-based Fibonacci levels, the immediate resistance levels in the event of a breakout rally above the 38.20% level are $4,467. Therefore, the upside potential for SUI this week is almost 20%.

On the other hand, the dynamic support of the 50 SMA line at $3.45 and the 200 SMA line near the psychological $3.00 level are likely to absorb any increase in supply.