$SUI (SUI) has confirmed a breakout from a bullish inverse head-and-shoulders pattern, signaling the potential for an extended rally toward $3.89, according to recent technical analysis.
After bouncing from its 20-day exponential moving average (EMA) at $2.92, SUI surged past the 50-day simple moving average (SMA) of $3.08 on Thursday, gaining 11.3% to trade above $3.40. The rally comes amid renewed optimism in the crypto market, led by Bitcoin’s push to a new all-time high.
Chart indicators now favor the bulls, with the 20-day EMA turning upward and the relative strength index (RSI) entering positive territory. Analysts say if the price remains above the 50-day SMA, the SUI/USDT pair could target $3.55 in the short term and potentially reach the pattern’s projected breakout level at $3.89.
“The neckline at $3.08 is now a key support,” analysts noted. “If the price pulls back and holds this level, the bullish structure remains intact.”
However, a drop below the moving averages could invalidate the bullish outlook, potentially sending the pair down to $2.80 or even $2.60.
With technical momentum on its side and bullish sentiment spreading across select altcoins, SUI is one to watch closely as it approaches key resistance levels.
