- SUI’s ascending triangle signals a strong breakout potential near $4.30 resistance.
- Volume decline suggests consolidation ahead of a significant move.
- Partnership with Ethena launching suiUSDe stablecoin adds fundamental strength.
SUI has bounced off its support line for the third time, gearing up to challenge the $4.30 resistance again. With volume steadily dropping over the past year, a breakout looks imminent. The upcoming launch of the suiUSDe stablecoin could spark this move. Currently, SUI trades at $3.59, up 15% in the last week.
Technical Setup Points to Breakout
SUI’s weekly chart shows a textbook ascending triangle pattern, a bullish formation marked by a flat resistance around $4.30 and a rising support line. The price has bounced off this support three times, confirming its strength. These repeated tests indicate that buyers are stepping in consistently at lower levels, building momentum to challenge resistance.
Source CryptoBullet
Volume has been on a steady decline for nearly a year, typical of consolidation phases before big moves. This volume drop hints that sellers are tiring and a volatility surge could be imminent, especially in Q4. The ascending triangle’s breakout target points to a potential climb to $7, calculated by adding the triangle’s height to the breakout level.
Fundamental Boost: suiUSDe Stablecoin Launch
Adding fuel to this technical setup is the recent announcement of suiUSDe, a Sui-native yield-generating stablecoin developed in partnership with Ethena. Set to launch in Q4, this stablecoin is the first of its kind on a non-EVM blockchain. The new product promises to increase demand for SUI tokens, providing a solid fundamental push alongside technical strength.
This move is set to boost user engagement and attract developers, speeding up SUI’s growth. It firmly establishes Sui Network as a strong contender in the Layer 1 blockchain space.
Consolidation Ahead of a Major Move
SUI is quietly building momentum, bouncing steadily off support while facing resistance just above. This kind of price action hints the market is gathering strength, ready to break out. With volume steadily dropping, it’s like the calm before the storm — setting the stage for a sharp move soon.
The upcoming launch of the suiUSDe stablecoin adds an exciting new catalyst that could push things higher. Traders should keep an eye on the $4.30 level; a break above it could spark a fresh rally. All signs point to SUI gearing up for a strong run in the near future.
