SUI Tests Multiple EMA Resistance Levels and Bullish Flag; Breaking Above $2.90 May Open the Path to $5

SUI is testing multiple EMA resistance levels and a bullish flag structure near $2.90, with a target price of $5. The 24-hour trading volume surged by 75%, indicating increased trader interest and potential breakout momentum. The exit of SUI worth $22.44 million from exchanges suggests possible accumulation and confidence from long-term investors.

The trading price of SUI is close to the confluence of several technical resistance areas, including the 50-day, 100-day, and 200-day Exponential Moving Averages (EMA) as well as the upper boundary of the bullish flag formation. As the token consolidates near $2.90, market participants are closely watching for a breakout to validate the expectation of a move towards $5. With multiple bullish signals converging and forming near critical technical areas, this setup has drawn attention.

Price action consolidates below multiple EMA barriers

SUI's price has risen by 7.72% over the past week, currently trading at $2.90. The stock price rebounded from a low of $2.65 on June 28, reaching a peak above $3.10 on July 3 before stabilizing.

The current range reflects profit-taking and short-term consolidation, with support forming around $2.80. According to Alex Clay's analysis, SUI is currently testing a cluster of resistance levels that includes the 50-day EMA, 100-day EMA, 200-day EMA, and horizontal resistance from the bullish flag.

According to on-chain data from CoinGlass, SUI tokens worth $22.44 million flowed out of exchanges over the past week. This outflow indicates that investors are increasing their holdings, which is typically associated with long-term positions.

If a successful retest and hold occurs, along with an increase in volume, it may advance towards $4.50. With the convergence of key technical levels and accelerating volume, the bullish flag structure remains intact. After a breakout, SUI may reach the $4.50-$5.00 range.