SUI is attempting to reclaim a crucial resistance level after its massive performance over the past few weeks. As it breaks out of a triangle formation, some analysts suggest that a rally to a new all-time high (ATH) could be around the corner. Related Reading: Top Crypto Exchanges Made $172 Million From TRUMP Memecoin Listing – Report SUI Breaks Out Of Multi-Month Pattern On Tuesday, SUI broke above the $4.00 resistance for the first time since May, hitting a two-month high of $4.10. The altcoin has seen an 81% surge over the past three weeks, recovering from the June retracement and setting up for a rally continuation. Notably, SUI ended its multi-month downtrend at the end of March, breaking above its descending resistance and jumping to its $4.29 high in May. Following the Q2 breakout, the cryptocurrency has been trading within the $2.33-$4.10 range. However, last month’s market pullback sent the token from its key $3.00 mid-range support to its three-month low of $2.22 before the recent recovery. Since then, SUI has reclaimed the mid-range area and skyrocketed toward the range high as Bitcoin’s (BTC) ATH rally leads the market. Over the past 24 hours, SUI has soared nearly 15% from the $3.50 support toward the $4.00 resistance, breaking out of a triangle formation and potentially setting the stage for a massive breakout. Analyst Ali Martinez affirmed that the altcoin’s bullish price action could push its price to a new ATH as it has broken out of a multi-month symmetrical triangle pattern over the past few days and attempts to turn the next key level into support. According to the market watcher, SUI finally broke above the descending resistance after reclaiming the $3.50 area on Monday and could target a 140% move to the $7.60 area if there’s a spike in buying pressure. Similarly, analyst Nebraskangooner highlighted that reclaiming the $4.00 resistance will propel the cryptocurrency to a new ATH. This level has been a crucial support since the Q3 2024 rally and a key resistance area after the early 2025 pullbacks. Is A Double-Digit Rally Coming? Crypto Bullet noted that SUI has entered its Wave 3, which eyes a double-digit target for the cryptocurrency. The analyst previously explained that the altcoin had a “clear 1-5 impulse off the April’s low – higher degree Wave (1),” before entering the corrective Wave 2 between late May and Early June. However, “Wave 2 took longer and went deeper than expected (obviously due to the situation in the Middle East).” After the recent breakout, SUI has entered the long-awaited Wave 3, with a 51% increase so far, and a target above the $10 mark, the analyst detailed. Additionally, he pointed to SUI’s trading pair against Solana (SOL), as the weekly chart “Looks like a breakout is imminent.” The altcoin is currently retesting a crucial resistance level against SOL, which could lead to a breakout to the 0.0470 area. “In the coming weeks, SUI will just crush Solana,” Crypto Bullet forecasted. Related Reading: Unraveling The Bitcoin Boom: Experts Decode Record $123,000 Surge Meanwhile, Crypto Kaleo affirmed that the cryptocurrency has continued its bounce on its trading pair against BTC. At the start of the month, the analyst highlighted that SUI had bounced from its BTC and USD pairs, becoming one of the leading altcoins. “BTC ratio chart looks ready to rip out of the wedge it’s been accumulating in since the beginning of 2025. Up only,” he concluded. As of this writing, SUI is trading at $3.96, a 3% increase in the daily timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
