TL;DR
- SUI holds strong support at $3.30 with a triangle pattern signaling potential breakout above $4.20.
- Analysts watch $3.17 pullback level before a possible surge toward $5.40, $6.01, and $7.15 targets.
- Despite bullish charts, the drop in futures interest and TVL dips suggest cautious market sentiment.
Price Moves Within Bullish Pattern
SUI is showing a familiar setup on the charts. The token is trading near $3.47 and holding above a rising support line that has been in place since April. On the 2-day chart, the price action has formed an ascending triangle. This type of setup often appears before a move higher.
Analyst Jonathan Carter shared that the token is finding strong support near $3.30, which is the lower edge of the triangle. He pointed out that this level has held several times, suggesting buyers are still active in this range. The upper boundary of the triangle stands near $4.20. This level has limited price moves since early summer.
If the price breaks above $4.20, Carter noted three levels to watch: $4.80, $5.37, and potentially higher. These levels are based on the size of the triangle and past price reactions.
The trading volume data indicates that it is more active near the current price. Beyond $4.20, it becomes a possibility that may enable faster price movement in case that threshold is broken.
Remarkably, the 50-day average is flat, indicating no significant trend, and the RSI is at around 45, indicating a balance between buying and selling pressure.
Pullback May Come Before Breakout
Another analyst, Ali Martinez, shared a daily chart using Fibonacci tools. He expects a pullback toward $3.17 before any breakout. This level lines up with the 0.618 retracement level and the rising trendline.
His chart outlines a path where SUI could bounce from $3.17 and move toward $4.20, then aim for higher targets at $5.40, $6.01, and $7.15. These are drawn from past price swings using Fibonacci extensions.
Sentiment Weakens Despite Technical Setup
Data shows that traders are becoming more cautious. Open interest in SUI futures dropped from $2.66 billion in late July to $1.82 billion now, according to CoinGlass. This points to reduced trading activity.
The Sui network has also seen a drop in activity. DeFiLlama reported a 2% dip in total value locked (TVL), bringing the figure to $2.02 billion. These changes reflect cooler sentiment across the ecosystem.
Additionally, SUI was recently listed on Robinhood, making it available to US traders. This came after a deleted blog post caused early speculation. Despite the listing, the token fell. This move goes against the usual pattern where listings often lead to price gains.
The listing is part of Robinhood’s effort to expand its crypto offerings. SUI is the native token of the Mysten Labs Layer-1 blockchain.
