- SUI’s emergence above its descending wedge suggests opportunity for further gains as the stock approaches the $5.16 target.
- Support at $3.91 has not been broken and the buying pressure is pushing the price up to the resistance barrier which is at $4.24.
- Should the price manage to break above $ 4.24 a continuous rise might be indicated however great dangers will prevail in case support is not held onto.
While the overall market is having mixed signals, SUI has had a sustained upward trend as its price went up by 0.7% over the past day trading at $4.03. The token has held strength above a significant support level at $3.91 at today’s price of $3.98, and it is approaching resistance around $4.24.
The intersection between volumes of trading and technical cues have had analysts keeping a keen eye on whether a major breakout through to the resistance will happen. With trading volumes and technical indicators aligning, analysts are watching closely for a breakout above this resistance.
Technical Breakout Signals Renewed Strength
According to the latest daily chart, SUI has recently broken out of a prolonged descending wedge pattern, a formation typically regarded as bullish. This breakout has been accompanied by recent price increases, which implies the return of market attention. Passage through the 200-day moving average coupled with breakout from the wedge created a breakthrough of bullish implications through market sentiment indicators.
Strong Breakout Fuels Bullish Momentum and Upside Potential
The move above the $3.20 region was seen as a major trigger for this recent leg upward, with momentum gaining once the price cleared past the moving average barrier. The new trend has been dominated by large green candles indicating heavy buying interest from analysts. If resistance is broken at the level of $4.24, then it opens space for the market to build the $5.16 technical target, which is crucial and has been forecast from the breakout structure.
Investors Cautious Amid Possible Dip and Consolidation Signs
Even with the favorable price momentum, investors are still always cautious. A brief slip down to $3.91 could become possible if trading volume stagnates near the resistance point. Analysts are also searching for indicators of the presence of actual consolidation as this may indicate the potential duration for which the current trend is expected to continue.
Market Context and Outlook
SUI currently ranks #13 by market capitalization, and its price performance has stood out in recent sessions despite overall market hesitance. Over the last 24 hours, the token’s price has leveled around the support and resistance zones, an indication of higher possibilities of impending volatile movements during the following period.
Provided that the buying momentum and macro condition remain favourable then it is likely to observe movement towards the $5.16 target. If the market weakness goes below the $3.91 point, it may question the bullish expectation and force an adjustment in the trend.
