The SUI cryptocurrency is showing strong bullish momentum as it consolidates near the critical $4.00 resistance level, with multiple analysts suggesting a potential rally toward the $5.00 price target. This technical analysis examines the key levels and patterns that could drive SUI’s next major move.
SUI’s Impressive Recovery and Current Consolidation
After an impressive 120% recovery from April’s low of $1.76, SUI has established a strong upward trajectory, successfully reclaiming both the $2.00 and $3.00 price levels. The cryptocurrency’s recent performance has been particularly noteworthy, posting an 85% gain over the past month despite a token unlock event that typically creates selling pressure.
Key Technical Levels and Pattern Formation
Currently, SUI is trading within a critical range between $3.60 and $4.10, with the $4.00 level emerging as a significant resistance point. According to prominent crypto analyst Rekt Capital, SUI has established a re-accumulation range between $3.39 and $3.78, similar to its pattern in late 2024.
Bullish Indicators and Price Targets
Multiple technical indicators suggest SUI could be preparing for its next leg up:
- Weekly close above $3.78 confirmed as support
- Formation of a short-term bull flag pattern
- Four-stage rally pattern similar to previous ATH breakout
- Strong support at $3.30 level
Risk Factors to Consider
While the overall outlook appears bullish, traders should note that the current smaller impulse following the larger breakout could indicate some weakness in the trend. Additionally, similar to XRP’s recent price action, the success of the rally depends on maintaining key support levels.
FAQ Section
Q: What is the current price of SUI?
A: SUI is currently trading at $3.84, showing a 2.1% increase in the daily timeframe.
Q: What is the next major resistance level for SUI?
A: The $4.00 mark represents the immediate major resistance level that SUI needs to break for continued upward momentum.
Q: What is the key support level to watch?
A: The critical support level is at $3.30, which must hold for the bullish scenario to remain valid.
Conclusion
As SUI approaches the crucial $4.00 resistance level, the technical setup suggests a potential breakout toward the $5.00 target. However, traders should maintain careful position management and watch for confirmation of the breakout before taking action.
