Can SUI price will retest $3 soon? | Credit: Hameem Sarwar
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Key Takeaways
SUI surged after breaking out of a three-month consolidation range, driven by tightening supply.
A large institutional staking move locked up millions of SUI tokens, helping trigger a short squeeze.
The bullish structure remains intact above the $1.05 breakout zone, with the altcoin targeting $3.
The SUI coin has erased months of downside and has emerged as one of the strongest-performing Layer-1 cryptos after delivering a powerful breakout that has reignited bullish sentiment across the market.
SUI surged more than 13% over the past 24 hours, trading above $1.25. It achieved this after breaking out of a stubborn three-month consolidation range.
During this period, SUI’s price had remained trapped between $0.85 and $1.03.
The breakout has attracted significant attention from traders, many of whom now believe SUI could be preparing for a much larger move.
Now, can the SUI crypto reclaim $2, which it last hit in November 2025?
Why Is the Coin Up?
One of the most important factors behind the move is what analysts are calling an institutional “supply shock.”
This represents approximately 2.7% of the crypto’s circulating supply, from decentralized finance protocols, into a long-term direct staking position.
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The move has significantly reduced the amount of liquid SUI available for active trading.
With more than 74% of the total SUI supply now locked in staking, exchange liquidity has tightened considerably.
When a large share of the supply becomes illiquid, even moderate buying pressure can drive aggressive upward price movements.
At the same time, bearish traders were caught offside by the sudden breakout.
Cup-and-Handle Pattern Aids Breakout
As SUI’s price began climbing following the staking announcement, the rally triggered more than $2.91 million in short liquidations within just 24 hours.
In derivatives markets, liquidated short positions force exchanges to automatically buy back the underlying asset to close contracts. In turn, this has created additional buying pressure.
The explosive move out of the handle structure suggests buyers have regained control, and SUI’s price is now entering an extended rally after weeks of accumulation.
However, the breakout remains valid as long as the SUI crypto price holds above the former resistance around $1.05.
If that level continues holding, momentum could extend further, possibly leaving many traders sidelined.
More Exposure, Higher SUI Price
Outside of that, SUI’s Open Interest (OI) has been rising.
Notably, the steady rise in SUI’s OI alongside price recovery suggests increasing market participation and growing speculative positioning.
This is generally bullish because it shows new capital entering the market rather than being driven solely by spot buying.
In addition, the OI is now approaching historically elevated levels. As long as the price and OI continue rising together, SUI will likely trade higher.
However, rising open interest also increases the risk of liquidation. If leverage becomes overcrowded while prices extend, even a small pullback can trigger long liquidations amid high volatility.
So, the healthiest scenario for bulls is continued price strength with controlled open interest growth rather than a parabolic spike.
Interestingly, the altcoin has also attracted comments from renowned analysts.
For instance, veteran trader Peter Brandt opined that SUI’s price has bottomed and will continue to make higher highs.
“This is a major bottom. Price will trend substantially higher from current levels $SUIUSDT,” Brandt posted on X.
SUI Price Forecast: $3 Close
On the daily chart, SUI’s price is attempting a major trend reversal after breaking out from a long-term descending trendline.
Notably, the altcoin has reclaimed the Supertrend support.
Furthermore, the breakout comes with strong momentum, pushing the RSI close to overbought territory, confirming that buying pressure is returning to the market.
As it stands, SUI’s price is now trying to establish a stronghold above the $1.30 region. If bulls maintain momentum, the next major target is the 0.236 Fib at $1.64, followed by the 0.382 and 0.5 levels at $2.17 and $2.61.
The chart structure suggests this could mark the start of a broader recovery if volume continues to rise.
In that scenario, SUI’s price could climb to $3.04 near the 0.618 Fibonacci retracement level.
Meanwhile, the key invalidation zone remains near the $1 psychological zone. Should bears overpower bulls, the SUI crypto will likely decline, increasing the probability of a return toward range lows.
In the meantime, two additional catalysts could continue driving SUI higher.
First, CME Group will launch SUI futures on May 29, making it only the fifth major Layer-1 blockchain with regulated derivatives access.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
