• SUI’s price discovery mode attracts bullish sentiment, with strong gains near $3.25 USDT and Fibonacci support strengthening its rise.

  • SUI’s breakout past key Fibonacci levels hints at potential growth, though resistance near $3.25 USDT may test its uptrend.

  • SUI’s recent 34.5% surge marks it as a potential market leader, with investors eyeing further gains above critical Fibonacci levels.

The weekly chart for SUI/USDT is displaying strong bullish momentum, indicating a potential for continued growth. SUI’s price began this uptrend after consolidating sideways for several months. Recently, the coin surged to significant levels, reaching nearly $3.25 USDT. 

Market analyst CryptoBullet notes that SUI’s breakout signals a move into price discovery mode, attracting attention from bullish investors. Furthermore, SUI’s alignment with key Fibonacci levels suggests a strong technical foundation, though the trend may face resistance ahead.

https://twitter.com/CryptoBullet1/status/1855354168333959265 Consolidation and Breakout: The Foundation of SUI’s Bullish Trend

At the start of the timeframe, SUI experienced a sharp drop after a brief surge. However, it soon entered a consolidation phase, with prices moving sideways for months. This consolidation phase served as a foundation for the current bullish trend. Eventually, SUI broke out of this consolidation, reaching the 0.618 Fibonacci retracement level. This level acted as both support and resistance, signaling a potential for upward movement.

As SUI surged past the 0.618 level, it encountered temporary resistance near the 1.0 Fibonacci level. Despite this pullback, the price regained momentum, eventually breaking past the 1.0 level. This upward movement hints at positive market sentiment and investor confidence in SUI’s long-term potential.

Fibonacci Levels Signal Potential Resistance and Key Targets

Currently, SUI has reached the 1.618 Fibonacci extension, aligning with a price of approximately $3.25 USDT. This level may act as resistance, as it is a critical extension in technical analysis. CryptoBullet emphasizes that surpassing this level would confirm SUI’s bullish trajectory, potentially attracting further buying interest. However, if SUI fails to maintain momentum, a retracement could occur, bringing the price back to lower support levels.

In recent trading sessions, SUI recorded a 34.50% increase, which signals strong upward momentum. This growth positions SUI as a potential market leader, with many investors showing confidence by holding onto their positions.

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