Sui price has shown positive movement in the last 24 hours, following a broader recovery across the crypto market. Currently hovering above $1.60, SUI previously surged to $1.72 before pulling back slightly.
The price is consolidating, with the levels of support being steady and the buyers defending the price. The market momentum is at a neutral position, as the investors are waiting to get more direction. SUI had a 24-hour trading volume of $905.43 million, an increase of 35%, which has a positive outlook.
With the wider crypto market still recovering, analysts suggest that $2 could be the next target for SUI. Other cryptocurrencies, such as BTC, ETH, XRP, BNB, SOL, and ADA, have also recorded minor rallies, which increased market confidence.
Falling Wedge Pattern Signals Potential SUI Price Breakout
A crypto analyst has shared insights on the price movement of SUI, focusing on its current trajectory. The SUI shows that the cryptocurrency is leaving a consolidation period characterized by a falling wedge. The analyst indicates that the price action is indicating a possible bullish breakout since SUI is slowly coming out of this wedge.
The chart depicts a consistent decreasing trend in recent months, and the price levels fluctuate within the confines of the wedge. Nevertheless, the indications of an upward trend are beginning to show as the price appears to be turning around.
The potential of Sui remains impressive as the current trading of $SUI is in a wedge channel, which indicates that the price may rise in the future. The next few weeks of consolidation may provide a platform for a big rally.
In addition, Sui created ripples by being added in the Bitwise Spot ETF holdings, which is a significant milestone. This action paves the way to more institutional involvement as well as confidence in the growth of the network.
Can SUI Break Through Major Resistance?
The Sui price hovered at $1.61, marking a slight surge of +2%. The cryptocurrency saw a minor uptick after experiencing a period of consolidation. The MACD (Moving Average Convergence Divergence) indicates a minor bearish divergence where the MACD line is slightly lower than the signal line.
This may indicate a diminishing bullish trend. The Chaikin Money Flow (CMF) currently stands at +0.04, indicating fair bullish pressure in the short term.
As the Token attempts to stabilize above the $1.6 support zone, the Sui outlook for long term remains bullish. Traders should watch the $1.8 and $2.0 levels closely.
Source: SUI/USD 4-hour chart: TradingviewA break above these resistance zones could lead to a stronger rally, while a failure to hold above $1.60 may lead to a pullback.
Source: https://coingape.com/markets/sui-price-breaks-out-of-falling-wedge-is-2-next-target/
