The SUI/USDT weekly chart has recently caught the eye of traders as price movements tighten within a defined range. After a period characterized by decline and consolidation, the asset is now stabilizing, with key support levels standing firm. This structural behavior suggests that SUI may be preparing for a noteworthy shift in trend.
SUI has established a symmetrical triangle squeeze, a technical pattern often seen before explosive price moves. Recently, the price dipped below the lower trendline, raising concerns of a potential breakdown. However, some analysts speculate that this might have merely been a bull trap, a temporary shakeout before a sharp reversal.
If SUI manages to rebound back into the triangle with considerable momentum, it would indicate that the breakdown was a false signal, potentially allowing bulls to regain control. In such a scenario, an upside breakout could target prices of $3.50 or more.
In addition to the triangle pattern, SUI’s price action is forming a falling wedge pattern — a classic bullish reversal setup. Following a significant decrease of 37% from its May highs, the altcoin is now testing a crucial support zone between $2.70 and $3.00, which has historically attracted buying interest. Should a breakout occur, analysts predict that SUI could soar to the $4.50 to $5.00 region, with the $2.00 zone being a critical fallback if support fails to hold.
Market indicators also show signs of strengthening. The Relative Strength Index (RSI) has been trending upward, indicating that bullish momentum is gathering pace. Moreover, the Moving Average Convergence Divergence (MACD) is nearing a bullish crossover, which could signal further upward movement if supported by increased trading volume.
Remarkably, SUI has surged from under $0.60 to over $4.00 within a year, achieving nearly a 7x gain despite experiencing pullbacks. This impressive price-performance underlines the growing interest and momentum behind the token.
The fundamentals appear to be catching up with the price action as well. Recent increases in decentralized finance (DeFi) aggregator volume, now exceeding $45 billion with a reported 19% rise in the last 30 days, have bolstered bullish sentiments.
Currently, SUI is demonstrating signs of resilience by holding above the vital support level of $2.70, indicating that a bounce could be on the horizon. The overall market structure seems favorable for a reversal, provided bullish sentiments remain strong. Observations from analysts suggest that SUI could be gearing up for an upward move, particularly with a focus on reclaiming the $2.90 resistance level.
As SUI navigates through these crucial phases, traders and analysts alike will be attentive to whether the price action confirms the bullish patterns observed. The coming days may unveil significant movements as market participants react to the evolving landscape.
