The Sui (SUI) token appears poised for a significant breakout, with technical analysis suggesting a potential surge to new all-time highs above $5.21. Despite experiencing a 17.18% decline over the past month, recent price action indicates a major trend reversal could be imminent.
Technical Analysis Points to Bullish Reversal
Prominent crypto analyst Ted Pillows has identified a bullish descending wedge pattern on SUI’s daily chart, traditionally a powerful reversal signal. The token has found strong support between $2.80-$3.00, forming what appears to be a local bottom with increasing buying pressure.
The descending wedge pattern shows two converging trendlines with decreasing selling momentum, suggesting bears are losing control of the market. A successful break above the crucial $3.50 resistance level could trigger significant upside movement.
Key Price Targets and Resistance Levels
According to Pillows’ analysis, SUI faces these critical price levels:
- Current resistance: $3.50 (wedge pattern upper boundary)
- Initial target: $4.00 (May 2025 peak)
- Ultimate target: $5.21 (projected new ATH)
- Support level: $2.80 (current wedge bottom)
Market Performance Overview
SUI currently trades at $3.23, showing mixed performance across different timeframes:
- 24-hour change: +2.33%
- Weekly performance: -1.01%
- Monthly return: -17.10%
- Yearly growth: +211.11%
The token’s impressive yearly performance of over 211% positions it as a potential leader in the current altcoin market cycle, with technical indicators suggesting further upside potential.
Frequently Asked Questions
What is causing SUI’s potential breakout?
The formation of a bullish descending wedge pattern, combined with strong support at $2.80 and decreasing selling pressure, suggests an imminent trend reversal.
What is the timeframe for the expected price movement?
Analysts project a 2-3 week timeframe for SUI to potentially reach new all-time highs, contingent on breaking above the $3.50 resistance level.
What are the key risk factors?
Failure to break above $3.50 could lead to continued consolidation or potential downside. Traders should implement proper risk management strategies.
