SUI Gearing Up for Another Surge

Following its surge, SUI has been stabilizing within a critical range and has encountered temporary resistance above the $4.00 mark. Analysts believe the cryptocurrency’s forthcoming target could be around $5.00, as it appears to mimic its previous all-time high rally.

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SUI’s Party On Hold

SUI has achieved a notable 120% recovery from its April low of $1.76, overcoming the $2.00 and $3.00 levels in recent weeks. The cryptocurrency has climbed 85% in the past month, reaching a four-month high of $4.29 earlier this week despite the recent token release.

However, SUI has seen a 10% pullback from last week’s peak, currently fluctuating in the $3.60-$4.10 range. Trader Froggy noted that the cryptocurrency is nearing the important $4.00 resistance, which it has struggled to maintain for over a week.

Breaking through this level “could trigger a significant upward movement,” he pointed out, adding that “this might be the catalyst needed to escape the current range and initiate the next upward surge.”

In the meantime, Rekt Capital emphasized that SUI has established a re-accumulation zone between $3.39 and $3.78, similar to its behavior in late 2024.

Previously, the cryptocurrency consolidated near the upper limit of this range for several weeks before achieving a Weekly Closing above it and retesting it as support, confirming a breakout toward a new all-time high.

This time around, SUI surpassed the $3.78 level two weeks back and validated it as support last Sunday, finishing the week at $3.94, potentially indicating an upcoming breakout to a new high.

Is SUI’s Push Towards $5.00 Imminent?

Sjuul from AltCryptoGems posits that SUI’s current consolidation phase is setting the stage for its next upward movement, mirroring its previous trends. The analyst believes the altcoin is forming a short-term bullish flag and gearing up for a breakout, as it has done twice over the past month.

Concurrently, AltCryptoTalk has stated that SUI is “generally bullish” given its recent all-time high performance, advising investors not to be misled by the current pullback “as long as it maintains the $3.30 support level.”

The analyst observed that the recent all-time high breakout experienced a four-stage rally, beginning with a substantial impulse followed by a correction, then three smaller impulses interspersed with corrections.

With this in mind, SUI seems on the brink of another smaller impulse, having witnessed a significant breakout in late April followed by a minor rally in early May. However, caution is advised as smaller impulses following larger ones can signify potential weakness.

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For the altcoin to make its next significant leap, it needs to breach the upper boundary of the range around the $4.00 level before continuing its ascent.

If historical patterns hold true, SUI could aim for the $5.00 mark in the upcoming weeks, with the analyst stating, “I’m waiting for this high or a new high to manifest before anticipating a more substantial bullish wave.”

At the time of writing, SUI is trading at $3.84, reflecting a 2.1% increase over the daily period.

Featured image source and chart data are from TradingView.