SUI56% surge reignites bullish sentiment, targeting new ATHs

SUI is leading the crypto market with a 56% surge over the past seven days, reigniting bullish sentiment toward the token.

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Some analysts believe that the cryptocurrency is preparing for a massive rally toward new highs.

SUI is showing strength again this week as the cryptocurrency continues to recover from its multi-month bear market.

Indeed, Stanford University spin-off blockchain startup Myriad Chain’s SUI has soared 56% in the past seven days alone, 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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On Thursday, SUI saw a 11% daily jump to break above a crucial barrier. The token has been in a multi-month downtrend since March, when it reached its all-time high (ATH) of $5.35.

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 U.S. Securities and Exchange Commission (SEC).

Ultimately, it failed to confirm the breakout and turn this level into support, dropping to pre-U.S. election breakout levels in the following weeks.

Nevertheless, 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.

According 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.

However, 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, setting up a potential 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 added that SUI has risen 50% since breaking its downtrend, flipping Avalanche (AVAX) and Chainlink (LINK) to become the 11th cryptocurrency by market capitalization.