SUI price rallies 18%, eyeing $5 target as Sui Network’s TVL surges 8% in just one day

SUI surges 18% in the past 24 hours, trending on CoinMarketCap and CoinGecko, as Sui Network’s total value locked jumps 8% in a single day.Sui (SUI) price continues to surge, up 18% in the past 24 hours, currently trading at $3.57.Today’s surge extends the rally that began on April 21, when SUI started printing consecutive green daily candles from an opening price of $2.10, accompanied by increasing volume. On April 22, SUI price broke out of a bullish double bottom pattern, piercing the neckline at around $2.80. It has now gained around 67% since the start of the rally.The price is now about key short-term and long-term moving averages, including 20 EMA, 50 SMA, 100 SMA, and 200 SMA.Momentum indicators back the bullish thesis with bullish crossover on MACD and widening gap. RSI is in the overbought zone, indicating a potential short-term pullback. However, volume is going up alongside price, which confirms strong buy-side conviction rather than weak momentum or a false breakout.The breakout above the $2.80 neckline of the double bottom pattern marked a major shift in trend. That move confirmed a bullish reversal and paved the way for a measured move target in the $3.50–$3.60 range — which SUI has now hit.Looking ahead, the next immediate target is around $3.85 — the next major resistance zone based on 2.618 Fibonacci extension, a common profit taking level where the pullback is likely to occur. Then, $4.55 (a stretch target — momentum must stay strong) and $5 might come into play.Several key catalysts are likely driving the SUI price rally, including a surge in memecoin trading on the Sui network and the recent announcement of major partnership to launch a virtual Mastercard powered by xMoney. Additionally, Sui’s total value locked has surged 8% today, climbing to $1.64 billion. This places Sui as the 9th-largest chain by TVL, surpassing Avalanche (AVAX) and Aptos (APT).