SUI Finds Support Near $2.8 Amid Downtrend
SUI has experienced a 17.18% decline over the past month, with bearish sentiment dominating most of May and early June. However, recent price movement suggests a possible market reversal. The altcoin found local support between $2.8 and $3.0, forming the base for a potential bullish breakout.
This consolidation area aligns with key support levels previously observed on the daily chart, indicating weakening bearish momentum and preparing the market for a reversal.
Bullish Descending Wedge Pattern Emerges
A descending wedge pattern has been identified on the daily timeframe, a technical indicator commonly associated with bullish reversals. The wedge is formed by two downward-sloping trend lines converging over time, representing declining highs and lows. However, the slope of the lows is softening, signaling a loss in bearish pressure.
The recent bounce from the wedge’s lower boundary at $2.8 is a strong signal that buyers are re-entering the market. If momentum holds, SUI could be on track for a breakout above the pattern’s upper resistance.
Critical $3.5 Resistance Level in Focus
The key resistance to watch is the $3.5 level, which marks the upper boundary of the descending wedge. A daily close above $3.5 would confirm a breakout, potentially triggering a wave of buying interest and sustained bullish movement.
Such a breakout could lead to a short-term rally toward $4.00, representing a return to levels seen during SUI’s May price peak. If market conditions remain favorable, this could mark the beginning of a new bullish phase.
All-Time High in Sight with 60% Upside Potential
Following a breakout, analysts are eyeing a price target of $5.21, which would mark a new all-time high for SUI. This move would represent a 60.8% gain from current price levels near $3.24.
The next 2–3 weeks could be pivotal. Traders and investors are closely monitoring price action around $3.5 to confirm whether SUI will continue upward or face renewed resistance.
Conclusion: Watch the $3.5 Breakout Zone
As SUI approaches the $3.5 resistance, market signals are shifting toward bullish. The formation of a descending wedge, combined with a strong bounce from $2.8, provides strong evidence of an impending breakout. If confirmed, SUI may be poised for a rally to $5.21 and beyond in the near term.