SUI Price Bounces Off Long Term Trendline For Third Time

SUI, a prominent cryptocurrency, has recently garnered attention as its price has touched a significant trendline for the third time. Currently trading around $2.98, the weekly chart indicates that SUI has been bouncing off a long-term rising trendline that has been in effect since August 2024. This trendline has been a critical support level, and its repeated interaction with the SUI price suggests a potential for a breakout.

The trendline, which has supported the SUI price since last year, remains unbroken. Market sentiment and the trendline's resilience could fuel a significant breakout for SUI. The cryptocurrency community is closely watching this trendline, as a breakout could signal a new phase of growth for SUI. The trendline's continued support indicates that SUI has strong underlying fundamentals, which could drive its price higher in the coming weeks.

The repeated interaction with the trendline is a bullish sign, as it shows that SUI has been able to maintain its price above this critical support level. This trendline has been a key factor in SUI's price movements, and its continued support suggests that the cryptocurrency has strong potential for growth. The market sentiment surrounding SUI is also positive, with many investors and analysts predicting a breakout in the near future.

There is also a key horizontal zone between $1.80 and $2.30 that has acted as resistance late last year before flipping into support earlier this year. With SUI price holding above both that zone and the rising trendline, traders are now watching closely to see if this setup leads to a breakout in the coming weeks.

If the current bounce continues, the first price targets would be in the $3.50 to $4.00 area, where there are previous weekly highs. This would confirm the ascending trendline and add strength to the bullish case on the weekly chart. However, if SUI price breaks below $2.20 and closes below the trendline, this structure will be invalidated. In that case, a move toward $1.50 or lower would be possible, with the potential to shift sentiment more broadly.

Market direction will depend on confirmation through SUI price action in the sessions ahead. Traders continue to monitor the structure for either a sustained bounce or a breakdown from the key level. The trendline's significance is further highlighted by the fact that it has been in play since August 2024. This long-term trendline has been a reliable support level for SUI, and its continued relevance suggests that the cryptocurrency has strong fundamentals. The trendline's resilience is a positive sign for SUI, as it indicates that the cryptocurrency has the potential to break out and reach new heights.