Key Insights:
- SUI is trading within a symmetrical triangle, indicating a breakout soon.
- Analysts suggest a 28% price move if SUI breaks above $2.95.
- Institutional interest and ETF filing add to the bullish momentum.
SUI price is showing signs of a potential breakout as it consolidates within a symmetrical triangle. Market analysts suggest that a 28% price movement could follow, with direction depending on whether the asset breaks above resistance or falls below support.
SUI Price Trading in a Symmetrical Triangle Pattern
SUI’s price is currently forming a symmetrical triangle pattern on the 1-hour timeframe, indicating a phase of consolidation. This pattern develops when the asset’s price moves within converging trendlines, suggesting that volatility is decreasing and a breakout is approaching.
The upper trendline is acting as resistance, preventing upward movement, while the lower trendline is serving as support, stopping the further decline. This consolidation phase reflects a balance between buyers and sellers, with neither side taking full control. As the price tightens within the pattern, pressure builds for a breakout.
Market analyst Ali has noted that once SUI exits this formation, a 28% price swing could follow. The direction of this move will depend on which trendline is breached. A breakout above the $2.80–$2.85 zone could push the price toward $3.50 or higher, while a drop below $2.60 might lead to declines toward $2.10–$2.20. Traders are closely monitoring these key levels for confirmation of the next major price movement.
Institutional Interest and ETF Filing Drive Bullish Sentiment
Institutional involvement in SUI has been growing, with Canary Capital filing for a SUI ETF. Analyst AMCryptoAlex has noted that SUI is being considered as a Strategic Reserve Asset in the World’s Liberty Financial portfolio, further increasing investor confidence.
The market reacted positively to these developments, with a strong green candle appearing on the daily chart. Analysts suggest that if SUI manages a daily close above $2.95, it could confirm a breakout and drive prices toward $4.00–$5.00.
However, if it fails to hold this level, the price may revisit $2.60–$2.50 before attempting another move upward.
Technical Indicators Suggest a Possible Reversal
At the daily chart the SUI shows the typical pattern at the bullish reversal structure , a double bottom. This pattern features two lows of similar price level and shows a direction of potential upward momentum of the price if it breaks the neckline resistance. The potential for a long price increase is there after a confirmed breakout from this level.
Currently, the MACD indicator remains negative indicating that bearish momentum is still in focus. However, if a bullish crossover takes place, it may support the argument of a possible price rally.
The Relative Strength Index (RSI) is 41.32 to signal neutral to slightly bearish sentiment. In case, RSI breaks above 50 then it could be an indication of increasing buying pressure.
Along with this, negative values of Cumulative Volume Delta (CVD) imply that selling pressure remains greater than buying demand. This trend could reverse with a shift, and the price going up with more buying activity would confirm that.
If SUI maintains support in the $2.50–$2.70 range and successfully breaks above $3.00, the price could rally toward $5.00 in the coming weeks.
Network Activity and Market Sentiment
Data on the number of daily active addresses shows increased user activity on the Sui chain. In mid-February, the active addresses rose to 1.5 m, signifying adoption. Despite this growth in participation, however, SUI’s price kept going down and this represented a split between network activity and market performance.
Market forecasts suggest the potential for a 225.93% price increase, which could push SUI to $8.96 by April , 2025. However, technical indicators show bearish sentiment, with the Fear & Greed Index at 34 (Fear).
Disclaimer
In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Olivia Stephanie is a FinTech enthusiast with a keen understanding of financial markets. Her passion for economics and finance has led her to explore emerging blockchain technology and cryptocurrency markets.