However, while MACD suggests buyers are in control, the RSI is near overbought territory.
Sui (SUI) has surged to the critical $3 resistance level, breaking above it amid double-digit gains in the past 24 hours.
CoinGecko data shows SUI price trading more than 11% up in this period, with a notable 102% spike in trading volume that hovered around $1.28 billion.
The price gains to intraday highs of $3.05 put the altcoin above a key supply wall, which offered both a psychological and technical barrier in recent weeks.
Notably, Sui ecosystem tokens, including Walrus and DeepBook Protocol, have also surged in the past 24 hours.
SUI’s uptick aligns with the broader market spike that pushed Bitcoin to above $109,000 and major altcoins like Ethereum, XRP and Solana higher.
The 11% surge has extended SUI’s upward price action over the past two weeks. Sui’s losses in the past month are indeed down to 8%.
With SUI attempting to break above $3, bulls may target key levels of $3.5 and $4 to see the all-time peak above $5.3 reached in January 2025 come into view.
Notably, buyers are upbeat after the token broke out of a descending wedge pattern. That move allowed for a bullish reversal as long bets ramped up.
Additionally, the formation of an ascending triangle pattern on the 4-hour chart has reinforced the bullish outlook. Given this outlook, the $3 level could act as a springboard for potential further gains.
On the technical front, key indicators show buyers are in control.
The Moving Average Convergence Divergence (MACD) shows a bullish crossover, with the histogram suggesting that bulls currently hold the upper hand.
However, the Relative Strength Index (RSI) is trending at 70 and an extended uptick into the overbought territory could signal a potential downturn.
In this case, macro headwinds and profit-taking could mean a short-term flip to support levels around $2.6.
