Sui Price Surges 2.79% Amid Bullish Technical Signals

Sui (SUI) is emerging as a potential leader in the next major crypto bull cycle, despite the broader market weakness. The blockchain's total value locked (TVL) and transaction volumes continue to rise, indicating strong on-chain fundamentals and growing developer and user engagement. This growth has captured the attention of top market analysts, who see a significant disconnect between Sui's ecosystem expansion and its currently consolidating price.

Sui, born from the remnants of Facebook’s ambitious Diem project, has quickly established itself as a top-tier Layer 1 platform. Its unique architecture enables remarkable scalability and a seamless user experience, making it a standout contender in the crypto market. Analysts like Michaël van de Poppe have highlighted Sui’s rapid development as a key reason to keep a close eye on the project.

On the technical side, several analysts have provided detailed insights. Naveed notes that Sui’s price is respecting a key demand zone near $2.39, which could mark the beginning of a bullish reversal. If the price breaks above the $2.85 resistance and holds, a shift in market structure is likely. This move could then push the price toward the $3.83 mid-range. A further breakout may send it into the $4.31 supply zone, offering a possible upside of 44.43%. However, the $3.58–$3.64 range remains a significant resistance barrier. Failing to hold above the $2.39 support zone could invalidate this setup and lead to further downside. Currently, the price is hovering just above this critical support, making $2.85 the decisive level to watch.

CryptoBullet adds to the bullish narrative with his recent analysis. He points out that Sui bounced off the EMA/MA365 levels in March and April. This was followed by a move toward his mid-term price target. The price is again testing those same moving averages while forming a falling wedge pattern. Historically, this pattern often leads to bullish breakouts. He believes this is where Sui could establish a higher low before setting a new all-time high.

At the time of writing, SUI is priced at $2.81, marking a 2.79% gain in the last 24 hours. The weekly decline of 14.29% contrasts with a significant 24-hour trading volume. With a circulating supply of 3.4 billion SUI, its market cap stands above $9.5 billion, underlining its solid position among top-performing Layer 1 blockchains. The falling wedge pattern and EMA support hint at Sui’s potential breakout momentum, suggesting that a bullish reversal is possible if Sui breaks and holds above the critical $2.85 level.