SUI Builds Bullish Momentum, Eyes Higher Price Targets

output: SUI is now at $3.89, holding its ground in the last 24 hours. Although the asset has lost 2.30% in the last week, its monthly performance is much stronger

The price of SUI is up 75% in the last month, showing strength in the digital asset market. As one of the best performers in the market, SUI has gained confidence among investors, leading to sustained trading volumes of $1.22 billion.

Recently, the asset's market capitalization value is $13.02 billion, indicating its increasing significance in the blockchain market.

Importantly, the recent correction looks much like a calculated retest and not a breakdown, with the price still respecting the important structural points. This pattern aligns with broader market trends, where sound corrections often precede major rallies.

SUI: Chart Analysis

A chart analysis of SUI on the daily scale shows an inverse head & shoulders formation, traditionally viewed as a sign of an upward reversal. The break above the neckline at the $3.65-$3.75 area in the early part of May confirmed this setup.

After the break, the stock rose to $3.94 and then retreated back through the area to test the break, currently trading just above its support at $3.81.

This managed pullback is seen as good news. As long as the price remains above the pivotal $3.65 support, the bull case still stands. A failure here, especially a move below $3.60, would be an indicator of weakness and actually throw the bull case into doubt.

Nevertheless, the recent price action favors the scenario for consolidation prior to advancing again.

What Next For SUI

Investors are watching the $4.76 and $5.67 targets closely, which represent potential gains of about 25% and 49%, respectively, from the current price levels. Both the historical zones of resistance and momentum indicators, such as the 200-period moving average, align with the above targets.

The volume action further supports the bullish setup, with advancing volume on the breakout and contracting volume on the retest. Such action suggests that SUI should be well-positioned for follow-through in the upcoming trading sessions if the support points hold.