SUI Surges 85% in Two Weeks, Targets $4.00 Barrier

SUI, a prominent altcoin, is targeting the key $4.00 barrier following a recent price surge. The cryptocurrency has shown significant recovery, reclaiming key supports after a multi-month downtrend. Over the last two weeks, SUI has surged nearly 85%, breaking above the crucial $3.80 barrier. During the Q1 market retraces, SUI lost key support levels and retraced over 68% from its January high of $5.35 toward its $1.71 six-month low.

In March, SUI attempted to reclaim the crucial $3.00 barrier, driven by news of institutional adoption, but failed to confirm the breakout. Before its recent token unlock, SUI's price rose from the $2.11 mark and reclaimed the $3.00 resistance for the first time since February, rallying to a two-month high of $3.87. Its bullish momentum slowed after the unlock of 88.34 million SUI tokens, worth around $300.4 million, on April 30. The cryptocurrency saw an 8.5% retrace, dropping from $3.51 to $3.21.

On Monday, SUI’s price jumped 5.2%, recovering the $3.40 support as the recent selling pressure decreased. Analyst AMCryptoAlex considers that the altcoin could hit the $3.90-$4 resistance after the unlock, if the flagship crypto, Bitcoin, holds the $94,000 mark. Meanwhile, analyst Lennaert noted that SUI could see a bullish continuation of its recent performance after retesting the $3.20-$3.25 support zone and bouncing. “If momentum flips, we’ll be testing the highs in no time. SUI repeatedly proved it doesn’t need much to pump hard. The team keeps on building, and it’s already growing to be one of the most promising ecosystems,” the analyst concluded.

Analyst Sjuul from AltCryptoGems suggested that SUI is potentially forming a Power of 3 (Po3) setup in a low timeframe. The Po3 pattern divides the price cycle into three phases: accumulation, manipulation, and distribution. In the accumulation phase, a consolidation occurs near the recent high after a strong price performance. Meanwhile, the manipulation phase sees a token’s price falling below the accumulation phase’s support level and trades within a range below the recently lost zone. The distribution phase consists of a strong price breakout, with momentum building and participants entering the market.

According to the analyst, SUI started the accumulation phase after its recent breakout, hovering between the $3.25-$3.85 price range over the next few days. Amid the Sunday price drop, the cryptocurrency began the second phase, falling below the range’s lower boundary and trading near that level throughout the day. Since recovering the $3.25 mark today, SUI has seemingly entered the distribution phase, which could see SUI test the $3.25 support before soaring toward the $4.00 resistance. “Watch for a retest of that support level—or close to it—as we might see an expansion afterwards,” he concluded.

As of this writing, SUI trades at $3.46, a 56% increase in the monthly timeframe. The cryptocurrency's recent performance and analyst predictions suggest a potential breakout to the $4.00 level, but a correction to the $3.25 support level could come first. The market's reaction to the recent token unlock and the overall sentiment towards institutional adoption will play a crucial role in SUI's future price movements.