UNI, SUI Primed for Breakout: These Altcoins Could Rally 10%+ as Bulls Take Charge
Crypto traders hunting momentum plays—listen up. Two altcoins are flashing bullish signals this week, with Uniswap's UNI and Sui's SUI token both eyeing double-digit gains as buying pressure builds.
UNI's recent governance overhaul has speculators betting on renewed DeFi dominance, while SUI's layer-1 blockchain is finally shaking off its 'VC chain' stigma with actual on-chain activity. Of course, in crypto, 'fundamentals' just mean 'excuses to FOMO' until the next whale dump.
Watch these charts closely—when altseason hits, the greedy and the late both pay tuition.
Uniswap and Sui bulls take control of the momentum
CryptoQuant data, as shown in The Graph below, highlights buying pressure on UNI and SUI. The Taker CVD (Cumulative Volume Delta) for both altcoins has been positive and has increased since early May for UNI and since early June for SUI.
This indicator measures the cumulative difference between market buy and sell volumes over a three-month period. When 90-day CVD is positive and increasing, it suggests the Taker Buy Dominant Phase, while a negative and decreasing value indicates the Taker Sell Dominant Phase.
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UNI Spot Taker CVD chart. Source: CryptoQuant
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Sui Spot Taker CVD chart. Source: CryptoQuantmetrics
Coinglass’s OI-Weighted Funding Rate data for both altcoins also shows that the number of traders betting that the price of UNI and sui will slide further is lower than that anticipating a price increase. Generally, a positive rate (longs pay shorts) indicates bullish sentiment, while negative (shorts pay longs) indicates bearishness.
The metrics for UNI and SUI read 0.0055% and 0.0071%, respectively, on Tuesday. These positive rates for both altcoins indicate that longs are paying shorts.
UNI funding rate chart. Source: Coinglass
SUI funding rate chart. Source: Coinglass
Uniswap Price Forecast: UNI could rally if it closes above the $7.38 resistance level
Uniswap price declined after hitting its technical target of the double-bottom pattern, around $7.38 in mid-May, and found support at the key level of $6.04. UNI has been consolidating between the $6.04 and $7.38 levels for the last 23 days. At the time of writing on Tuesday, it trades 4% higher, nearing its key resistance level at $7.38.
Sideline investors looking for buying opportunities could do so if UNI closes above the $7.38 level on a daily basis. UNI could extend the rally by 16% from the $7.38 level to retest its next daily resistance at $8.63.
The Relative Strength Index (RSI) on the daily chart reads 61, above its neutral level and pointing upward, indicating that bullish momentum is gaining traction. The Moving Average Convergence Divergence (MACD) indicator showed a bullish crossover on Monday, signaling a buying opportunity and indicating an upward trend ahead.
UNI/USDT daily chart
However, if UNI fails to break above the $7.38 resistance level and faces a correction, it could extend the decline to retest its key support at $6.04.
Sui Price Forecast: SUI price action looks promising
Sui price retested and found support around the key level at $3.05 last week on Thursday and recovered 17.81% until Monday. At the time of writing on Tuesday, it hovers around $3.40.
If Sui continues its upward trend, it could extend the rally to retest its daily resistance level at $3.65. Sideline traders looking to accumulate SUI tokens could do so if it closes above $3.65 on a daily basis; it could extend the rally to retest its next resistance at $4.25.
The RSI on the daily chart is hovering around its neutral level of 50, indicating indecisiveness among traders. For the bullish momentum to be sustained, the RSI must MOVE above its neutral level of 50.
Moreover, the MACD indicator on the daily chart is about to flip a bullish crossover on the daily chart. If the MACD generates a bullish crossover, it will provide a buying signal and indicate an upward trend.
SUI/USDT daily chart
However, if SUI faces a correction, it could extend the decline to retest its key support level at $3.05.
