- SUI’s rising wedge pattern suggests a potential breakout, with a target range of $8–$10.
- Bulls must defend the $3.28–$3.30 range to prevent further downside and trigger upside momentum.
- A key resistance at $3.41 could lead to a breakout, pushing SUI toward $3.56 and beyond.
The native token of the Sui Network, SUI, is currently trading at $3.19 after a 21% correction from its May high of $4.15. Market analysts observe that the recent dip might represent the final pullback before a potential breakout, as long-term indicators show a rising wedge pattern forming on larger timeframes.
Price Compression and Supply Pressure Signal Key Test for Bulls
SUI has been trading in a tight range between $3.10 and $3.36, following a descending wedge breakout attempt. The 4-hour chart shows price compressing under key exponential moving averages. Resistance at $3.41 and $3.52 is aligned with the 50 and 100 EMAs, respectively.
The current structure suggests that bulls must defend the $3.28–$3.30 range to prevent further downside. Data from CoinGecko shows trading volume reaching 14.6 million SUI on Tuesday, indicating heightened market interest. However, 44 million new tokens, equal to 2% of the supply, recently entered circulation.
This supply increase may limit near-term upside unless met with strong demand. An observation by crypto analyst LaryBranaa noted, “It’s a make-or-break moment: either demand shows up for a squeeze or we slide deeper below $3.”
Technical Indicators Show Cautious Optimism Ahead of Potential Rally
According to TradingView data, the 30-minute chart shows SUI bouncing near $3.10 and stabilizing around $3.19–$3.21. The RSI hovers around 51, and the MACD shows a weak bullish signal.
On-chain metrics show a 9% increase in daily active addresses, now totaling 45,000. Additionally, the Bollinger Bands on the 4-hour chart are narrowing, suggesting a breakout may be near.
A close above $3.36 and especially above $3.41 could pave the way toward $3.56 and beyond. A rising wedge observed by several traders has formed over the past two months, suggesting a possible move toward the $8–$10 range.
