$SUI Could It Be Close to a Rally?
The SUI token is at a decisive technical point. On the 2-day chart, the cryptocurrency is trading around $3.47, respecting an upward support line that has been maintained since April. This movement has been forming an ascending triangle, a classic pattern that often anticipates bullish breakouts.
According to analyst Jonathan Carter, the region of $3.30 remains a solid support, already tested several times.
The top of the figure is around $4.20, a barrier that has halted advances since the beginning of summer.
If surpassed, the next targets would be at $4.80, $5.37, and possibly higher, according to projections from the technical figure itself.
On the other hand, analyst Ali Martinez believes that the price may first pull back to $3.17, aligned with the 0.618 Fibonacci level and the trend line.
From there, the projected path would be a recovery towards $4.20, with potential extensions up to $5.40, $6.01, and $7.15.
Despite the optimistic drawing in the charts, market data indicates caution. Open interest in futures fell from $2.66 billion in July to $1.82 billion, and the TVL of the network decreased by 2%, to $2.02 billion, showing less enthusiasm from investors.
A recent factor was the listing of the token on Robinhood, which expanded access to U.S. traders. However, the move did not boost prices, going against the common trend of appreciation upon listings.
