SUI Price Climbs 55% in September — Set to Lead Next Crypto Market Rally
Can SUI Reach a New All-Time High? | Credit: Hameem Sarwar
Key Takeaways
- The SUI price has increased by 55% so far in September.
- SUI trades inside a critical horizontal resistance at $1.20.
- Will SUI break out, and can it reach a new all-time high?
The price of SUI has been one of the best performers since the low of August 5. In September, it created a higher low and quickened its upward movement, increasing by 55% until now.
SUI has reached an important resistance area, a breakout above, which can further accelerate the rate of increase. Will SUI break out and increase toward an all-time high, or will it get rejected instead?
SUI Price Reaches Resistance
The daily time frame chart shows that SUI has fallen inside a descending parallel channel since April. It bounced on it for the final time on Aug. 5, breaking out from it three days later.
Then, it validated it as support twice (white icons) before accelerating its rate of increase.
Today’s SUI price reached a high of $1.23, slightly below the main resistance area of $1.32. This is a horizontal and Fibonacci resistance area, so a breakout above it will confirm the correction is over.
The daily Relative Strength Index (RSI) and MACD both support the possibility of a breakout. They are increasing, with the RSI above 50 and the MACD above 0.
Rapid Acceleration Ahead
Similarly to the technical indicators and price action, the wave count gives an extremely bullish outlook for the rest of the year and 2025.
The count suggests that SUI completed a long-term wave one and two (white) between Oct. 2023 and Aug. 2024. Then, it began the next portion of its upward movement.
The movement since Aug. 5 resembles a 1-2/1-2 wave count (black and yellow), with SUI just beginning the most rapid portion of the increase.
If the count is accurate, SUI will soon complete sub-wave three at nearly $2 before eventually moving toward a new, all-time high price.
Conversely, falling below the sub-wave two low (red) of $0.74 will invalidate this count, implying that the trend is still bearish.
SUI Price Leads Market
The extent to which the SUI price has outperformed the market is obvious when comparing its performance since Aug. 5 with Bitcoin (purple) and the crypto market (red).
In this time, SUI has increased by 145%, roughly tenfold more than the crypto market cap and Bitcoin. A similar performance has happened in September (white).
During this time, the SUI crypto increased by 55%, while Bitcoin and the crypto market cap remained relatively stagnant.
Pole Position for 2025
The price of SUI has been one of the standout performers in the ongoing crypto market rebound. This is visible when measuring the performance since Aug. 5 and September.
SUI’s price action also shows several bullish signs that the upward movement could rapidly accelerate soon. A breakout above $1.32 will confirm this bullish projection.
SUI Rallies in Early September, Eyes Critical Resistance Level Next
