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SUI is leading the crypto market with a 56% surge over the past seven days, reigniting bullish sentiment toward the token. Amid its price recovery, some analysts suggested that the cryptocurrency is about to start a massive rally toward new highs.
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SUI Reclaims $3 Amid Breakout
On Thursday, SUI, one of the leading cryptos of this cycle, saw an 11% daily jump to break above a crucial barrier. The token has been in a multi-month downtrend since hitting its all-time high (ATH) of $5.35 four months ago.
Throughout the 2025 corrections, the cryptocurrency has lost key support levels, retracing over 68% from its January high. However, it attempted to reclaim the $2.70-$2.80 resistance level last month after trying to break out from its multi-month falling wedge structure.
In March, the token surged to this key region following the news of institutional adoption, including Canary Capital’s filing of a Form S-1 for an SUI spot exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC).
Ultimately, it failed to confirm the breakout and turn this level into support, dropping to pre-US election breakout levels in the following weeks. Nonetheless, SUI’s 56% weekly breakout has sent the cryptocurrency back above the $3.00 and $3.20 levels, lost in March.
Moreover, SUI has broken out of its falling wedge pattern again, which could propel the token to new highs if the breakout is confirmed. Notably, the altcoin has broken out of a multi-month falling wedge twice, in October 2023 and August 2024, which drove the cryptocurrency to new ATHs in the coming months.
Price Sitting At Key Level
After Today’s surge to the $3.39 mark, the token has retraced toward the $3.25-$3.30 levels, with market watcher Hov noting that SUI sits at a key resistance zone between the $3.30-$3.70 price range.
To the analyst, the cryptocurrency must “carry through this level and get a HTF close above 3.72ish” for bullish confirmation. After this, he suggested that SUI would likely “see a retest of resistance turned support.” This would put the $4.00 resistance and new ATH “on the menu” if it holds.
On the contrary, failing to reclaim this key zone could halt the bullish momentum and send the cryptocurrency to retest the recently reclaimed $2.70-$2.80 as support, and risk a drop to the re-accumulation zone between the $2.00-$2.30 range.
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Meanwhile, Rekt capital noted that the token also looks good “on the fundamental side of things, Grayscale opened a SUI trust today, showing institutional growth.”
The analyst highlighted that SUI has rallied 50% since breaking its downtrend, which made the token flip Avalanche (AVAX) and Chainlink (LINK), making it the 11th cryptocurrency by market capitalization.
As of this writing, SUI trades at $3.28, a 34% increase in the monthly timeframe.
Featured Image from Unsplash.com, Chart from TradingView.com
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