$SUI Holds Steady at $2 Amid Potential Wedge Breakout – Can Bulls Push to $3?
Despite Bitcoin's volatility around $84,000, SUI continues to consolidate near the $2 support level, currently trading at $2.0921. While the token struggles to regain bullish momentum, analysts are closely watching a descending wedge pattern on the daily chart—a potential signal for an upcoming reversal.
Key Factors Influencing SUI’s Price Action:
- Stablecoin Supply at Record High: Increased stablecoin liquidity on the SUI network could fuel demand if bullish momentum returns.
- Greek Partnership News: Positive developments may provide a catalyst for upward movement.
- Bearish Pressure Persists: SUI remains down 7.38%this month, with a 60% decline from its peak within the current wedge pattern.
Critical Levels to Watch:
- Upside Target: A breakout could propel SUI toward $3 if buying pressure intensifies.
- Downside Risk: Failure to hold $2 may lead to a retest of the $1.68 support zone.
With the wedge pattern nearing its apex, traders are anticipating a decisive move. Will SUI break out for a bullish reversal, or will the downtrend continue?