SUI Surges 3.85% Amid Bullish Breakout Anticipation

SUI, a prominent cryptocurrency, is currently poised for a significant breakout as it approaches a key resistance level, according to a recent analysis. The 4-hour chart of SUI reveals a classic five-wave impulse pattern, moving from $1.72 to $4.30, which is marked as waves 1 through 5 in wave A. This pattern suggests a strong bullish momentum, with wave 1 being a leading diagonal, indicating a potential for further upward movement.

The sentiment surrounding SUI is overwhelmingly positive, with analysts predicting a major breakout ahead of key catalysts. This optimism is further supported by the fact that SUI is trading at $3.1110, having risen by 3.85% over the past 24 hours. The cryptocurrency is seen as being "on the edge of a new run towards highs," according to crypto analyst Michaël Van De Poppe. This bullish outlook is not just based on technical analysis but also on the overall market conditions and the strong demand for altcoins.

However, SUI is not without its challenges. The cryptocurrency faces steep resistance near $2.84, with a $77 million token unlock heightening volatility. This unlock could potentially cause short-term fluctuations, but the overall trend remains bullish. The price is currently moving within a descending channel on the 1-hour frame, adhering well to it, and is heading toward a strong breakout and retest. This technical setup further supports the analyst's forecast of a major breakout.

SUI is showing signs of a potential breakout after rebounding from a critical support zone, according to prominent crypto analyst Michaël van de Poppe. In a recent analysis, van de Poppe highlighted a strong bounce in the token’s price and suggested that a bullish reversal could be underway—if one crucial level is taken out. The $3 resistance zone is the line in the sand, he says. If SUI manages to close above this area, it could trigger a wave of short liquidations, accelerating upward momentum and potentially driving the price back to the $4 mark.

The accompanying chart shows SUI reclaiming a major demand zone after an extended downtrend. Van de Poppe emphasizes that this area has historically acted as a strong base, and its recent retest could signal the start of a new upward phase. He further notes that a clean break above $3 would invalidate many bearish setups, forcing short sellers to exit and fueling a rapid rally. “Strong support zone hit. Should be holding up on these levels,” van de Poppe commented. He also marked the $4 region as a possible liquidity target if momentum builds.

With altcoin markets showing early signs of strength, SUI’s structure is drawing increased attention. A successful breakout could mark a significant trend reversal for the asset, which has been trading under pressure for much of the year. Market participants will now be watching closely to see if SUI can push through the $3 barrier and spark the short squeeze that could send it higher in the coming days.

The positive sentiment around SUI is also reflected in the broader altcoin market, with other cryptocurrencies like Block3, XRP, and TRON gaining traction. This altseason is driven by innovation, strong demand, and favorable market conditions. The overall market sentiment is positive, with traders and analysts alike predicting a bullish run for SUI and other altcoins.

In conclusion, SUI is on the verge of a major breakout as it approaches key resistance levels. The bullish Elliott Wave setup, positive sentiment, and favorable market conditions all point towards a potential upward movement. However, traders should be cautious of the upcoming token unlock, which could cause short-term volatility. Overall, the outlook for SUI remains positive, with analysts predicting a new run towards highs.