Will the bullish technical setup in SUI lead to a $5 breakout rally amidst improving network performance and growing demand?With a new all-time high of $4.87, SUI is inching closer to the $5 psychological mark. A bullish trend is in play, and SUI's decentralized exchange volumes are hitting record highs.With a market cap of $13.56 billion, SUI ranks as the 16th largest cryptocurrency in the market. Despite the intraday pullback, its 30-day returns of 58% make it a high-performing token.SUI Price PerformanceOn the 4-hour chart, SUIs price action reveals a rising channel pattern. The price trend within the channel showcases a massive V-shaped reversal, testing the overhead trendline.This resulted in a new all-time high for SUI at $4.8790. Currently, the SUI price is experiencing a minor pullback after testing the resistance trendline.SUI price chartAs per the trend-based Fibonacci levels, the bullish recovery failed to maintain dominance above the 78.60% Fibonacci level at $4.83. This resulted in a close dip to the 61.80% Fibonacci level at $4.46.The pullback brought the SUI price down to a low of $4.54, maintaining dominance above the $4.50 psychological mark and avoiding a retest of the Fibonacci support. This indicates a crucial demand zone between $4.46 and $4.54.Meanwhile, the price trend reveals a small recovery, with SUI currently trading at $4.633. Despite the strong recovery, the minor pullback has brought the MACD and signal lines closer together, warning of a potential bearish crossover.Additionally, the RSI line has dropped from the overbought zone and is testing the 14-day SMA line.SUI DEX Volume Hits $555MAmid the recent price surge, SUI has set a new 24-hour high for decentralized exchange volume. At $555 million, SUI has entered the list of the top 5 chains by 24-hour volume for the first time in its history.This highlights SUIs growing presence in the DeFi space and its ability to attract both builders and users.https://twitter.com/SuiNetwork/status/1867424949679665590SUI Price TargetsBased on the technical setup and Fibonacci levels, a bullish continuation will likely test the overhead trendline, potentially leading to a breakout rally. In such a case, potential price targets are $5.28 and $6.61.These price targets are derived from the 100% and 161.80% Fibonacci levels. On the other hand, a drop below the 61.80% Fibonacci level would test the critical 50% level at $4.21.
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