- Sui surged nearly 19% after reports of Bitwise filing for multiple crypto ETFs that include SUI
- Bitcoin’s pause near $90K and falling BTC dominance have boosted altcoin momentum
- Technical setups suggest SUI could extend higher if breakout levels continue to hold
On December 31, reports surfaced that Bitwise had filed for 11 different cryptocurrency ETFs, and tucked into that list was Sui. The market didn’t waste much time reacting. In just three days, SUI rallied close to 19%, snapping out of its previous lull and catching the attention of short-term traders almost immediately.
At the same time, Bitcoin was busy wrestling with the $90,000 resistance zone. BTC dominance slipped noticeably after December 30, hinting that capital was rotating toward altcoins. That shift matters, because altcoin rallies tend to thrive when Bitcoin pauses rather than runs. The big question now is whether Sui’s strength is just a quick reaction, or the start of something more durable.
Weekly Chart Hints at Room for More Upside
On the weekly timeframe, Sui still sits within a broader bearish structure, no sugarcoating that. However, a bounce is clearly underway. A weekly close above the $1.79 level would be an important signal, suggesting that bulls have managed to regain at least temporary control.
If that happens, upside targets around $2.95 and $3.40 come into view. These levels line up with key Fibonacci retracement zones overhead, areas where price often reacts. That said, momentum and buying pressure on this timeframe haven’t fully flipped bullish yet. The recent rally looks promising, but it’s not screaming trend reversal, at least not so far.
Daily Structure Favors a Breakout, For Now
Zooming into the daily chart paints a slightly more encouraging picture. Sui has been trading within a defined range, with the upper boundary sitting near $1.68. At the time of writing, price was holding above that range high, which is typically a constructive sign.
A daily close above this level would confirm bullish conviction and reduce the risk of a quick fade. On the flip side, slipping back into the range could act as an early warning that sellers are still lurking. Right now though, that bearish scenario feels less likely, especially with broader market sentiment leaning risk-on.
Momentum Indicators Support the Bullish Case
From a trader’s perspective, momentum indicators are starting to cooperate. On-balance volume is attempting to trend higher, suggesting demand is gradually building rather than evaporating. The Awesome Oscillator has already printed a bullish crossover, often an early signal that momentum is shifting.
Bitcoin’s push above local resistance near $90,000 has added fuel to the fire, boosting confidence across the altcoin space. With that backdrop, many traders are eyeing breakout strategies, targeting levels as high as $3.40 if momentum continues to stack in their favor. It’s ambitious, sure, but in markets like this, ambition tends to show up early.
