Market Analysis
The Sui Network’s native token (SUI) is approaching a decisive moment as it retests critical support levels following a surge to $2.40. Technical analysts are closely monitoring an emerging pattern that could trigger a significant 15% price movement in either direction.
Recent Price Action
SUI has shown remarkable volatility in recent months, declining 57% from its January all-time high of $5.31. The token is currently trading at $2.25, having bounced between $2.1-$3.5 after losing the crucial $4 support zone.
Institutional Interest Growing
A major catalyst for potential upward movement comes from increasing institutional interest. Notably, Canary Capital has filed for a SUI spot ETF with the SEC, while the token has secured a strategic partnership with Trump’s World Liberty Financial (WLFI) for inclusion in its “Macro Strategy” token reserve.
Technical Outlook
Multiple technical indicators are converging to suggest a major move is imminent:
- Formation of an ascending triangle pattern with $2.26 support and $2.40 resistance
- Inverse head and shoulders pattern completion
- Strong buying zone identified between $2.00-$2.30
Price Targets
Analysts have identified key price targets:
- Bullish scenario: Break above $2.40 could lead to $2.80
- Bearish scenario: Drop below $2.26 might see $1.90
- Long-term target: $7.00 (based on technical analysis)
Market Implications
The current price action in SUI reflects broader institutional interest in layer-1 blockchain tokens. The potential ETF filing and strategic partnerships could set a precedent for similar tokens in the ecosystem.
Source: NewsbtC