SUI Surges 11.8% in 24 Hours, Tests $3.08 Resistance

SUI, a prominent digital asset, has recently demonstrated a strong rebound from a critical support level, showcasing its resilience amidst market fluctuations. The asset faced significant selling pressure, touching the 0.786 Fibonacci level near the $2.73 support. However, it responded with a sharp and confident bounce, validating $2.73 as a robust support area. This rebound has maintained the market structure's integrity, despite several corrective phases observed in recent weeks.

The trend since mid-2023 has been notably strong, with no indications of structural failure. The pullback from the recent highs has been characterized as a healthy consolidation rather than a capitulation, suggesting that the asset is gathering momentum for a potential upward move. The price action has respected the trendline, maintaining a higher low structure that is crucial for sustained uptrends.

Currently, SUI is trading at $3.06, marking an 11.8% increase over the last 24 hours. This surge aligns with the recent uptick in Bitcoin, with SUI gaining 10.1% against BTC. The 24-hour trading range has been between $2.73 and $3.08, with the asset now testing the upper limit of this range. The push from support levels indicates a potential higher low formation, a key element often seen in sustained uptrends. The trendline and the green accumulation zone on the chart continue to act as base support, providing footing during previous declines and reinforcing their importance.

Looking ahead, the immediate resistance for SUI stands at $3.08. A decisive close above this level could confirm a breakout from the descending structure. The chart reveals a contracting wedge pattern, with the upper boundary now under pressure. If breached, subsequent targets could be observed at $4.01, $4.96, and $6.04 respectively. The final projection on the chart touches $7.01, which remains a longer-term target pending confirmation of continued momentum. Traders are closely monitoring the behavior of SUI around the wedge apex and the resistance level at $3.08, as momentum is building and price action around this point becomes crucial.

The broader technical setup remains driven by a series of higher lows supported by the long-term ascending trendline. The price structure maintains symmetry within the wedge, despite the corrective phase from prior highs. The green support box near $2.00 to $2.50 continues to attract buying interest during every major dip, suggesting demand concentration at these levels. If this setup holds, the asset could sustain a structured leg higher in the coming weeks. However, the price remains below key resistances and needs further confirmation before any directional bias develops.