SUI forms falling wedge near $2.80, with analysts targeting a breakout toward the $5.00–$5.50 range.
Sui ecosystem growth boosts outlook, with TVL hitting $1.8B and stablecoin volume tripling since January.
$2.80 remains key support as open interest stays above $1.19B and traders await reclaim of $3.00.
SUI is trading at $2.79 after briefly dipping to $2.68 earlier this week. While recent volatility followed broader market pullbacks, analysts suggest that SUI is now testing key technical areas and may be trading at a decent discount. The setup reflects a possible preparation for a new breakout.
Key Technical Patterns Signal Strength Amid Retest
According to analysis prepared by Crypto Bullet via X, SUI has entered a familiar setup, mirroring its March–April breakout. The altcoin previously rallied from similar levels after bouncing off the yearly Exponential Moving Average (EMA) and Moving Average (MA).
SUI is now testing those same indicators, forming a new falling wedge pattern that targets the $5.00–$5.50 range. The chart also shows a one-year rising wedge, suggesting a potential move toward $8–$10 if the bullish structure continues.
https://twitter.com/LLuciano_BTC/status/1935275427603374576
SUI has been consolidating within a wide range since late April, with recent action centered near the $2.80 area. The pattern indicates that the current correction may be short-lived if support holds and price reclaims $3.00.
On-Chain Activity and Ecosystem Growth Add Support
Sui’s network continues to show growth across decentralized finance (DeFi) metrics. As of this week, Sui’s total value locked (TVL) has reached $1.8 billion. According to CoinDCX, Sui now ranks third among non-EVM chains by TVL. Stablecoin volumes have also grown sharply, climbing from $400 million in January to nearly $1.2 billion.
The protocol’s lending platform, SuiLend, has seen a 90% increase in TVL over the past month, now surpassing $600 million. Meanwhile, wallet adoption is rising due to integrations with Phantom and Slush Wallet.
Open interest in SUI futures remains above $1.19 billion, despite a recent decline, reflecting continued trader participation. According to trader Coinvo, the $2.80 zone remains a critical support. A move above $3.00 could confirm strength and allow a push back toward the $4.00–$5.00 range.
The post SUI Tests $2.80 Support as Falling Wedge Pattern Targets $5.00–$5.50 Breakout Zone appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
