The cryptocurrency market has seen a resurgence over the last day, with SUI being one of the standout performers. Its price has surged over 11%, now trading around $1.53. Analysts suggest this might just be the beginning of a significant rally.

What’s Next?

Notable market analyst Ali Martinez highlighted SUI’s recent performance on social media. He reported that the asset has reached a crucial support trendline that has persisted since 2023. Previous tests of this level resulted in dramatic price increases of 450% and 750%, indicating that if history is any guide, SUI could soon surpass $4.

Michael van de Poppe also weighed in, predicting that SUI will likely outperform a number of other cryptocurrencies in the near term, noting that investors tend to revert to assets that have shown strong performance in previous years.

He underscored the recent debut of Grayscale’s Sui Trust, suggesting that the current conditions present a prime opportunity for investors aiming to boost their exposure to this asset.

SUI’s exchange netflow data supports this optimistic outlook. Recent weeks have favored outflows over inflows, indicating that some investors are shifting their holdings from centralized exchanges to self-custody solutions, thereby alleviating immediate selling pressure.

SUI Exchange Netflow

Figure: SUI Exchange Netflow, Source: CoinGlass

Potential to Surpass $2?

In addition, analyst CryptoBullet expressed further optimism, noting that SUI has reached its most oversold levels on both the 3-day and 1-day charts since 2023. This may signal a forthcoming bounce back towards the $1.90-$2.20 range.

According to CryptoWaves, SUI’s Relative Strength Index (RSI) is around 30 on a daily basis. This metric evaluates recent price movements to predict potential reversals. An RSI below 30 indicates that the asset is oversold and might be poised for an upswing, while an RSI above 70 suggests bearish conditions.

SUI RSI

Figure: SUI RSI, Source: CryptoWaves