SUI, the Sui Network's Native Token, Retests Key Support Level Ahead of Potential Breakout

SUI, the Sui Network's native token, is retesting a key support level after surging near the $2.40 mark.

SUI, the Sui Network's native token, is testing a crucial support level after a brief surge pushed it toward the $2.40 mark. As the cryptocurrency attempts to hold its current range ahead of a potential breakout, some analysts suggest that a big move is just a matter of time for the token.

SUI saw its price heat up 7% on Monday, as the token approached a key resistance level, fueling bullish sentiment for the cryptocurrency.

The cryptocurrency has been one of the leading tokens of the cycle, outperforming most of the market during the 2024 pullbacks. However, SUI has shredded over 57% of its gains in the past few months, falling from its January all-time high (ATH) of $5.31 to the $2.20 range.

After failing to hold the $4 support zone, SUI has been meandering between the $2.1-$3.5 zone, briefly falling below $2 last Tuesday.

Since then, the token has recovered 7.8% in the weekly timeframe, climbing to $2.37 today. According to the analyst, this recent price action has completed an inverse head and shoulder pattern, with the price potentially moving toward the $2.45 breakout level.

A sustained surge above this level could send the token to retest the recently lost $2.6 support. To the analyst, "a big breakout is just a matter of time," as institutions are taking interest in the token.

Notably, Canary Capital filed a Form S-1 for an S-1 SUI spot exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC), which could be spurring some of yesterday's 7% rally.

This move follows Canary's March 6 filing to register a trust for an SUI-based fund in Delaware. On the same day, Sui announced it had partnered with World Liberty Financial (WLFI), the US President Donald Trump's crypto venture, to include the token in its "Macro Strategy" token reserve.

SUI is currently trading hands at $2.24, down 0.46% for the 24-hour period.