SUI Surges 20% Weekly Awaiting Breakout Above $3.60

SUI, a prominent cryptocurrency, has been consolidating below the $3.60 mark, a price level that analysts believe could trigger the next significant move. This consolidation phase has been marked by a 20% weekly surge, indicating a buildup of momentum and bullish sentiment. The price action around the $3.60 level is crucial as it represents a key resistance point. A breakout above this level could signal a continuation of the upward trend, potentially leading to further gains. Conversely, a failure to breach this resistance could result in a pullback, as the market tests the strength of the support levels below.

SUI is currently trading within a symmetrical triangle, a technical formation suggesting price compression. Analysts are watching for a decisive move above $3.60, which could trigger a strong upward trend. The pattern has developed over several months, with converging support and resistance levels defining the consolidation zone. The asset rebounded from the $2.43 support zone and gradually moved through key Fibonacci retracement levels. The price respected the 0.5 Fibonacci level at $3.1870 and approached the 0.618 level near $3.59.

As of July 11, SUI traded at $3.52, showing a 9.15% gain in 24 hours. Trading volume rose by 50.45%, while market cap reached $12.19 billion. The ascending support trendline held firm, showing strong buyer interest. At the same time, the descending resistance line continued to contain upward movement near $3.60. The Relative Strength Index hovered near 50, indicating balanced momentum. The pattern’s apex is expected to be reached by September, suggesting a potential breakout in the near term. Traders are closely monitoring the $3.60 level for a confirmed daily close above resistance.

SUI’s price action remained positive throughout July 11, maintaining higher lows on the hourly chart. The coin had previously gained over 170% in the November 2024 rally before undergoing a 70% correction. Now trading around $3.40, SUI continues to show buyer support, as price holds above $3.18. A break above the $3.60 resistance could open the way toward previous highs. The 1.0 Fibonacci extension near $5.29 and the 1.272 extension at $6.97 remain potential future price targets, depending on follow-through strength.

The recent price movements and technical indicators suggest that SUI is poised for a breakout. The cryptocurrency has shown strong volume support, which is essential for sustaining any upward momentum. The 20-day moving average (MA) has been acting as a dynamic support level, and maintaining the price above this average will be crucial for the continuation of the rally. Technical analysts are closely monitoring the price action around the $3.60 level, as it could provide valuable insights into the future direction of SUI.

The bullish sentiment surrounding SUI is further bolstered by key network upgrades and developments within the ecosystem. These upgrades are aimed at enhancing the functionality and scalability of the network, which could attract more users and investors. The positive market sentiment and technical momentum make SUI an attractive option for traders and investors looking to capitalize on the next big move in the cryptocurrency market. However, it is essential to remain cautious and monitor the price action closely, as the market can be volatile and unpredictable.