SUI Bounces 5% at Triangle Support — Potential Breakout Ahead
SUI price on the verge of a major breakout. Will this lead to a new all-time high?
Key Takeaways
- SUI shows potential for a breakout above the symmetrical triangle.
- A higher low above $1.80 confirms uptrend strength.
- Equal pressure suggests both breakout and downside risks.
Following a steep 79% drop to $0.46 in August, the price rebounded and began a new uptrend, leading to a new all-time high.
However, recent technical patterns suggest mixed signals, with potential for upside continuation and further correction as a symmetrical triangle was formed.
SUI Price Analysis
SUI’s price reached an all-time high of $2.20 on March 28, followed by a decline that lasted until August 5, when it bottomed out at $0.46—the same level from which the prior uptrend started.
This 79% drop left SUI oversold, as indicated by the daily Relative Strength Index (RSI).
A new uptrend began shortly after, hitting a first higher high of $1.10 on Aug. 12 and a higher low of $0.74 on Sept. 6.
Since then, SUI surged to a new all-time high of $2.37 on Oct. 14, though its momentum had slowed since Sept. 22 when it entered an ascending channel.
Bearish divergence on the RSI suggested weakening momentum and the potential for a trend reversal.
Indeed, the price fell by 32% to a low of $1.60 on Oct. 28 but quickly spiked to $2.12 on 30. A higher low of $1.82 followed, forming a symmetrical triangle.
The price of SUI spiked for another 5% today, hinting at a potential breakout above and further upside movement.
SUI Price Prediction
SUI has completed its ABC correction on the hourly chart and may be poised for an upturn. Since Aug. 5, SUI has formed a three-wave pattern, with the recent downturn likely being the fourth wave in a five-wave structure.
The price has retraced to the 0.382 Fibonacci level and completed a three-wave pullback, suggesting a new uptrend may be on the horizon. It could potentially target a new all-time high near $3.
However, signs of a confirmed uptrend are still lacking. A minor recovery followed by a higher low above $1.80 would provide the first indication of a sustained uptrend. To receive a proper confirmation, we need to see a breakout above the descending resistance level in a sustained way.
Until this happens, there would be an equal likelihood of further decline, as symmetrical triangles indicate equal pressure from each side.
Sui Price Prediction 2025: SUI Hits New All-time High, What Next?
