- SUI’s price action mirrors NEAR’s 2021 breakout pattern, forming a descending wedge with three lower lows, hinting at a bullish reversal.
- Both SUI and NEAR showed a rounded bottom before their wedges, reinforcing the likelihood of an imminent rally fueled by accumulation.
- The historical overlay of SUI and NEAR shows a near-identical structure, strengthening trader confidence in a potential explosive breakout.
The cryptocurrency market often repeats historical patterns. At the moment, $SUI’s price moves are similar to those of $NEAR’s 2021 trend, per CryptoBullet. Because it suggests a potential bullish breakout, this resemblance has attracted traders’ attention. SUI/USDT’s chart structure strongly resembles NEAR/USDT’s past behavior. Besides, historical price action suggests a promising future rally if SUI follows the same pattern.
SUI’s Chart Aligns with NEAR’s 2021 Pattern
The SUI/USDT presents a clear technical structure. Initially, the asset experienced a strong rally before hitting a peak. After that, a sharp correction followed, forming a descending wedge. This downward trend saw three consecutive lower lows, mirroring NEAR’s historical movement.
Similarly, NEAR/USDT formed an identical descending wedge in 2021. After its third touchpoint on the trendline, NEAR saw a breakout. Consequently, it surged in price, triggering a strong uptrend. SUI’s price action suggests a similar trajectory, reinforcing bullish sentiment among investors.
Moreover, both assets exhibit a rounded bottom formation before entering the wedge. This accumulation phase often precedes a major rally. The pattern’s consistency strengthens the case for an imminent SUI breakout.
Bullish Sentiment Grows Amid Historical Repetition
Crypto traders rely on past price action to predict future movements. SUI’s data overlay with NEAR’s 2021 structure shows a near-perfect match. Consequently, if SUI continues this trend, a strong rally could unfold soon.
Additionally, the price movement of both assets shows a red overlaid line before correction. This further highlights the similarities in their peak structures. NEAR’s post-breakout rally saw a sustained uptrend, making a case for SUI’s potential upside.
Moreover, the descending wedge is a widely recognized bullish pattern. When assets break above this formation, strong momentum often follows. Hence, traders are optimistic that SUI will replicate NEAR’s historical breakout.
