SUI Breakout To $4 Not Far Ahead?

Recovering from its multi-month decline, SUI has surged about 85% during the last two weeks, surpassing the critical $3.80 level. SUI lost important support levels and retraced nearly 68% from its January high of $5.35 towards its $1.71 six-month low during the Q1 market retreat.

Rising from the $2.11 level and reclaiming the $3.00 barrier for the first time since February, the cryptocurrency witnessed price surge before its latest token unlocking and rallied to a two-month high of $3.87.

Following the April 30 unlocking of 88.34 million SUI tokens—worth around $300.4 million—its upward momentum paused. Retrace-wise, the bitcoin dropped from $3.51 to $3.21 with an 8.5%.

Recovering the $3.40 support as the recent selling pressure dropped, SUI's price surged 5.2% on Monday. Analyst AMCryptoAlex believes, should the flagship cryptocurrency, Bitcoin, reach the $94,000 barrier, the altcoin may reach the $3.90-$4 resistance after the unlock.

Analyst Lennaert said, meantime, that after retesting the $3.20-$3.25 support zone and rebounding, SUI may see a positive continuation of its current performance.

"We will be challenging the highs in no time should momentum turn around. SUI consistently shown that pumping forcefully is not necessary. The crew is constantly expanding, and is among the most promising ecosystems, the analyst said.

The expert said SUI began the accumulating phase after its recent breakthrough, flitting around the $3.25-$3.85 price range for the next few days. The bitcoin started the second phase of the Sunday price decrease, sliding below the bottom border of the range and trading close to that level all through the day.

SUI has apparently entered the distribution phase after reclaiming the $3.25 level today, perhaps testing the $3.25 support before rocketing into the $4.00 resistance. "Look for a retest of that support level—or near to it—as we might see an expansion afterwards," he said.

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