SUI’s trading volume is surging as the price gains strong momentum after rebounding from the local low near $2.5. This price action reflects healthy accumulation with decreasing volatility while maintaining higher lows since the local bottom. The current rally is driven by the Walrus Protocol mainnet launch, a popular decentralized storage network powered by the SUI blockchain. As a result, SUI is expected to trigger another 25% upswing, surpassing $3 before the quarterly close.
Since the early trading hours, SUI has surged by more than 6% to 7%, outperforming major competitors like Shiba Inu and Hedera. With this achievement, SUI has emerged as one of the top layer-1 cryptos with the potential for a 100x rally in the upcoming bull cycle. After a significant retest, the token is now presenting attractive buying opportunities at its current levels. This indicates that the SUI price rally has just begun, with a new all-time high (ATH) expected by April 2025.
Following a sharp drop from its previous highs, SUI’s price consolidated within a falling wedge pattern before breaking out in the last trading session. Today’s bullish start, particularly above the wedge resistance, is expected to sustain the rally until the end of the session. Additionally, the RSI is on the rise, and the DMI recently underwent a bullish crossover. However, the ADX continues to decline, signaling a weakening rally strength. As a result, SUI may consolidate around the local resistance zone of $2.8 to $2.85 until substantial buying volume enters the market.
SUI recently retraced deeply to hit a major support zone, making its rebound a magnet for liquidity on the platform. Moreover, the Walrus Protocol mainnet launch is considered a key catalyst that could sustain the rally’s momentum for an extended period. With this breakout underway, SUI is expected to surpass $3 before the end of the month. The price is projected to maintain a strong upward trend, potentially reaching a new ATH in the coming days.
