SUI Price Shows Signs of a Potential Breakout as Analysts Point to Bullish Technical Patterns

Despite experiencing a 30% decline over the past month, SUI price is testing key resistance levels.

Analysts are watching closely as SUI price shows signs of a potential breakout from a key resistance level.

The SUI token price is testing the critical resistance zone at $2.98. A breakout above this level could spark a strong rally in SUI, analysts say.

One analyst, who uses the handle CryptoJack on X, noted that SUI is currently correcting, and it hit a downtrend resistance level on the daily chart.

According to the analyst, if SUI manages to pierce through this resistance, then the bulls could propel it towards $3.0-$3.5. However, he cautions that we should await the confirmation of volume to ascertain that the breakout is imminent.

Another analyst, Captain Faibik, pointed out a bearish falling wedge pattern on the daily chart of SUI/USDT.

According to the analyst, this is a typical bullish reversal pattern, which, if confirmed, can propel SUI to reach new higher levels by April.

The formation of the falling wedge pattern on both the daily and the three-day frames indicates that the rate of selling pressure is gradually decreasing, and the market is likely to experience an upward movement again.

This technical pattern is known for generating significant price rallies when the asset breaks out of the wedge.

According to the analyst, SUI has had instances of coming out of these defined technical patterns to trigger major upswings.

In the past, this pattern has manifested in 1.3–1.6 times the price at the breakout point. From the chart, we can observe that SUI broke out of the wedge pattern at around $2.1.

If the SUI price pulls back from the breakout candle, it is likely to find support at the Fibonacci levels, which are at $2.26 (0.382 Fib). A deeper correction could reach the 0.5 Fib level, placing the SUI price at $2.0.

In the case of a breakout, the following levels are estimated: $3.0, $3.5, and $4.7 to be breached if the token is to hit its previous high of $5.35. The value of the Relative Strength Index (RSI) is 51.61.

This suggests subdued buying pressure, and hence, an upward price movement could be expected. However, the sustainability of the breakout will depend on the confirmation of the volumes.

There are possibilities of false breakouts. Prices should be closely watched to prevent such reactions, which may lead to a pullback to support zones.

If the price deviates back into the wedge, it may bounce back towards the $2.6 to $2.7 level before trying to break out again.

On-chain activity also shows promise for SUI. The network recently reported a total of $73.85 billion in stablecoin transfers.

Stablecoin activity is one of the early signs of further growth of network utilization, which may be able to boost the price of SUI.

SUI has exhibited high fluctuations in its prices within the last year, showcasing a steep downfall followed by a steady rise.

Since its low of $0.3643 in October 2023, the token has recovered to reach a high of $5.35 in January 2025.

As the new year begins, the price of SUI has shown a decline of 30%.

Experts speculate that further developments within the SUI ecosystem, such as new implementations and technical improvements, could contribute to long-term progress in the cryptocurrency market.