Ascending Triangle Signals Opportunity
On the 2-day chart, SUI is trading around $3.47, holding above a rising support line that has been in place since April. According to analyst Jonathan Carter, the $3.30 zone has proven to be a crucial support, repeatedly holding against selling pressure and showing that buyers remain active.
Meanwhile, resistance stands near $4.20, which has capped SUI’s moves throughout the summer. If the token breaks above this level, Carter highlights potential targets at $4.80 – $5.37, and possibly higher, based on the triangle’s size and past price reactions.
Trading volume is concentrated around current levels but could accelerate rapidly if the $4.20 barrier is breached. Notably, the 50-day moving average remains flat, while the RSI hovers around 45, indicating a balance between buying and selling pressure.
Pullback Likely Before Breakout
Analyst Ali Martinez suggests a possible pullback to $3.17 before any breakout. This level coincides with the 0.618 Fibonacci retracement and the rising trendline. His chart outlines a scenario where SUI could rebound from $3.17, push to $4.20, and then aim higher toward $5.40 – $6.01 – $7.15.
Despite the bullish setup, market sentiment has cooled. SUI futures open interest dropped from $2.66 billion in late July to $1.82 billion, according to CoinGlass. Similarly, DeFiLlama reported a 2% decline in Sui’s TVL, now at $2.02 billion, reflecting reduced activity across the ecosystem.
Adding to the pressure, SUI was recently listed on Robinhood. While listings typically drive prices higher, the token instead declined, surprising traders. The listing is part of Robinhood’s broader effort to expand its crypto offerings.
SUI is the native token of the Mysten Labs Layer-1 blockchain, a project closely watched as the market awaits its next major move.
