SUI Gains 20% In A Day—Will Ecosystem Coins Continue The Surge

Sui Network (SUI) broke out its weekly wedge pattern, sparking an overall rally in the ecosystem, including its DEX volume.

Weekly SUI Coin Price Analysis

On the weekly chart, SUI showed a bullish reversal when it broke through its falling wedge pattern.

The breakout exceeded the $2.00 support, the fundamental point for the wedge structure and the double-bottom pattern’s neckline.

The bullish candle finished at $3.45 delivering strong gains. This indicated vigorous purchasing pressure and sustained momentum during the $2.00 price assessment.

The support level matched historical resistors from the mid-year period, thus establishing itself as an important structural turning point.

The falling wedge pattern indicated an upcoming price movement, which could bring prices towards $3.70 if momentum stayed strong.

SUI weekly chart | Source: TradingView

If support at $2.50 failed to hold, it could result in another price test at $2.00. A violation of the $2.00 level could cancel the bullish pattern while pointing towards the $1.70 area.

A wedge shape composed of rounded lower points strengthened the bullish outlook for the price action.

The neck resistance point at $2.50 turned into a support barrier, thus strengthening the rising forecast. The price of SUI could advance to $4.00 and potentially $5.00 if it maintains above $2.86.

The trend change needed confirmation through volume patterns and the elimination of false breakout signals.