SUI Preparing For Another Leg Up Is $5 The Next Target?
After its breakout, SUI has been consolidating within a key range and has faced momentary resistance above the $4.00 level. Some analysts suggest that the cryptocurrencys next target sits near the $5.00 mark, as it could be repeating its all-time high (ATH) rally.
SUI Party On Pause
SUI has seen an impressive 120% recovery from Aprils $1.76 low, reclaiming the $2.00 and $3.00 barriers in the past few weeks. The cryptocurrency has surged 85% in the last month despite its recent token unlock, rallying to a fourth-month high of $4.29 last Monday.
However, SUI has retraced 10% from last weeks high, hovering between the $3.60-$4.10 price range. Trader Froggy pointed out that the cryptocurrency is approaching the significant $4.00 resistance, which it has been unable to hold for seven days.
Breaking above this level will set the stage for a strong move up, he explained, adding, This could be the trigger that breaks the range and opens up the next leg higher.
Meanwhile, Rekt Capital recently highlighted that SUI has built a re-accumulation range, between $3.39 and $3.78, like it did in late 2024.
At the time, the cryptocurrency consolidated around this ranges upper boundary for weeks before Weekly Closing above this level and retesting it as support to confirm a breakout towards a new ATH.
This time, SUI closed above the $3.78 mark two weeks ago and confirmed it as support last Sunday after closing the week at $3.94, which could suggest that a breakout to a new high is coming.
SUIs Rally To $5.00 Loading?
Sjuul from AltCryptoGems considers that SUIs consolidation is loading the cryptocurrencys next leg up, resembling its previous performance. According to the analyst, the altcoin is consolidating within a short-term bull flag and preparing for a breakout, like it did twice in the past month.
Similarly, AltCryptoTalk affirmed that SUI is overall bullish according to its recent all-time high (ATH) performance and advised investors not to let the recent pullback fool them, if it holds the $3.30 support.
The analyst noted that the cryptocurrencys latest ATH breakout saw a four-stage rally, with an initial big impulse and correction, and three smaller impulses followed by corrections.
Based on this, SUI is likely preparing for the second smaller impulse, as it registered a bigger breakout in late April and a smaller rally in early May. However, he warned that the smaller impulse after a bigger one is usually a sign of weakness.
For its next jump, the altcoin must break through the ranges upper boundary, around the $4.00 mark, before continuing its rally.
If history repeats, SUI could reach the $5.00 mark in the coming weeks, Im waiting for this high or a new high to be formed and then to expect another bigger bullish wave, the analyst concluded.
As of this writing, SUI trades at $3.84, a 2.1% increase in the daily timeframe.
Read more: https://www.newsbtc.com/news/sui-preparing-for-another-leg-up-is-5-the-next-target/
Text source: NewsBTC
