SUI Surges 15% Weekly Aiming to Reclaim $3.00 Resistance

SUI, a prominent cryptocurrency, is currently poised for a significant bullish breakout after recovering from recent pullbacks. The cryptocurrency has surged over 10% from its $2.70 support level, aiming to reclaim the crucial $3.00 barrier. Throughout Thursday, SUI has been fluctuating between $2.95 and $3.08, indicating a strong attempt to surpass this resistance level.

SUI's recent performance marks a notable shift from its multi-month downtrend, which ended when it broke above its descending resistance at the end of March. This breakout fueled a rally that peaked at $4.29 in May. Since then, SUI has been trading within a range of $2.33 to $4.10. However, global geopolitical tensions in June caused the token to drop below the $3.00 mid-range support, reaching a local low of $2.22 before reclaiming the $2.80-$2.90 area.

Analyst Alex Clay noted that SUI is currently testing the confluence of the 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs) resistances alongside its bullish flag resistance. According to Clay, the cryptocurrency has been trading within a bullish flag formation since May, and the technical indicators and the pattern's upper boundary now sit as resistance around the $3.00-$3.10 area. If SUI reclaims these key levels, Clay considers that a rally to the $5.00 resistance would be “an easy trade.”

Other analysts have also weighed in on SUI's potential. Analyst Marcus pointed out that SUI "just snapped back from the 0.786 Fib zone sharp, clean and confident," indicating a healthy pullback rather than a breakdown. Marcus believes that the current bounce could set the stage for SUI's next major move, with all signs pointing to a setup that's not yet complete. Market Watcher Crypto Yhodda affirmed that SUI is "in a big accumulation right now," pointing to an eight-month triangle formation. According to Yhodda, a breakout from this pattern could help SUI reach the dream target of $10.

Similarly, Kaleo highlighted SUI’s bounce on its trading pairs against Bitcoin (BTC) and USD, noting similarities between the current base and the base from the April lows that propelled the token to its local high. Kaleo explained that the cryptocurrency bounced off the High timeframe (HTF) ascending support line on both occasions, suggesting a massive rally could be ahead. Kaleo considers the $10 target "a magnet."

Crypto Batman also highlighted this ascending support, noting that the recent pullback marks the third time the cryptocurrency has bounced from it since August. Following the previous two retests, the token rallied for weeks toward higher levels, signaling that a breakout could be nearby. Batman considers that SUI displays a “solid-looking setup,” as it is trading above the key $2.30-$2.40 area that has served as resistance and support on the weekly chart.

As of the latest update, SUI is trading at $3.09, reflecting a 15% increase in the weekly timeframe. The cryptocurrency's recent performance and analyst predictions suggest a bullish outlook, with potential targets ranging from $5.00 to $10.00. The confluence of technical indicators and bullish patterns positions SUI for a significant rally, provided it can reclaim and sustain above the $3.00 resistance level.