- SUI has been forming a symmetrical triangle since Q1 and is showing lower highs and higher lows which indicates compression for possible breakout.
- The price broke above the 0.5 Fibonacci level at around $3.18, gaining momentum towards nice Fibonacci extensions at $5.29 and $6.97.
- Trading volume exceeds $1.5 billion as SUI gains 13.7% in 24 hours, confirming strengthening bullish pressure near the triangle apex.
SUI is consolidating within a symmetrical triangle pattern, signaling possible price expansion if bulls manage a sustained breakout above $3.60.
Triangle Pattern Signals Market Compression
SUI’s chart structure shows a symmetrical triangle that has developed since late Q1. This pattern forms as price moves into tighter ranges, with lower highs and higher lows over four months. According to ali_charts, a decisive close above the $3.60 mark could confirm the next upward leg.
The triangle’s formation reflects market indecision, though recent moves suggest building pressure. Key Fibonacci retracement levels are acting as guideposts within the pattern. After retesting and holding support near $1.92 and $2.44, price action has gradually recovered toward upper resistance levels.
The 0.5 Fibonacci retracement level at approximately $3.18 has recently been breached. This development points to growing buyer strength as SUI approaches the triangle’s apex. Traders now focus on a break above the upper trendline to confirm a directional move.
Price Pushes Toward Fib Extension Levels
Momentum appears to be increasing as SUI targets higher Fibonacci levels. Price has moved from the 0.382 retracement level around $2.83 to reclaim the 0.5 zone, continuing toward the 0.618 level near $3.59.
Market observers are watching whether this trend continues toward potential extension targets. The 1.0 Fibonacci extension near $5.29 serves as the first key level above the triangle, with the 1.272 extension at $6.97 acting as a further upside reference. These projections rely on a confirmed breakout from the triangle structure.
The upward-sloping support line continues to validate SUI’s base. Dips have repeatedly been rejected near $1.92 and $2.44, maintaining bullish sentiment within the current range.
Trading Volume and Price Growth Support Bullish Case
As of writing, SUI trades at $3.37 with a daily gain of 13.71%. Over the past week, it has advanced 12.36%, supported by $1.5 billion in 24-hour volume.
This price and volume behavior supports the view that SUI is gathering momentum near the triangle’s apex. Chart analysts emphasize the importance of volume confirmation on any breakout above the upper boundary.
Traders will be closely monitoring for a clean close above $3.60, as it could serve as a trigger for accelerated gains.
