Sui (SUI) appears to be on a bullish path as it rallies above key support levels. Analysis from Coinpedia Market on TradingView highlights a breakout from a falling channel, fueling positive momentum for SUI.
With its price finding stability around key technical markers and indicators, the altcoin shows potential to exceed $3. Moreover, his analysis follows notable trading activity on the Sui Network.
Breakout from Falling Channel Signals Bullish Rally
Sui’s breakout from a descending channel pattern has set the stage for a bullish run. This rally is supported by the token’s position above its 50-day EMA and a new ascending trendline, which serve as stable support points.
Analysts at Coinpedia observe that this upward momentum aligns with SUI’s formation of a Morning Star pattern, marked by a 16.82% price increase. This pattern often indicates a continued bullish trend, and in this case, suggests further gains could be on the horizon.
The breakout also coincides with SUI’s challenging of key Fibonacci levels, specifically the 100% level. If momentum holds, targets at $3 (1.272 Fibonacci level) and potentially $4.80 (1.618 Fibonacci level) may be achievable, indicating a promising outlook.
Source: TradingView Indicators Show Positive Momentum
The RSI provides additional support for Sui’s bullish scenario, as it climbs above its 14-day SMA, approaching the overbought zone. This upward trend in RSI signals strengthened buying interest.
In parallel, a surge in trading volume underscores the heightened demand for SUI tokens, further boosting the token’s trajectory.
Sui also exhibits a rounding bottom reversal pattern, adding to the evidence of a sustained bullish sentiment. This structural reversal, combined with a positive alignment of daily EMAs (50, 100, and 200), supports the upward price trend.
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Overcoming Psychological Resistance at $2
Sui has recently battled to stay above the psychological $2 level, a critical milestone for its progression toward higher targets. A hold above this level may pave the way for extended gains, as maintaining support here would validate the strength of the current uptrend.
In a bearish scenario, however, pullbacks could find support at $1.85, aligning with the rising trendline and 50-day EMA at $1.7303. These levels would act as potential stabilizers in case of downward pressure, offering areas for buyers to re-enter the market.
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The post SUI Price Could Rise Past $3: Here’s Why appeared first on CaptainAltcoin.
