SUI rebounds off $2.85 support, breaking wedge resistance with rising volume, now pressing toward a decisive $3.45 breakout zone.
Price reclaims key levels within a falling channel, with bullish targets up to $4.70 if momentum clears the $3.30–$3.45 resistance area.
A close above $3.45 confirms bullish structure, while failure to hold $3.17 risks retesting the $2.80–$2.95 demand zone.
SUI is rebounding from a multi-week low, showing bullish technical signals after testing the $2.85–$2.95 support zone. The cryptocurrency is approaching a breakout point near $3.45, where a daily close could trigger the next leg higher.
Price Action Compresses Within Bullish Pattern
SUI’s chart structure reveals a narrowing wedge, typically signaling a bullish reversal. After dropping from the May 15 high near $4.30, the asset formed lower highs and lows, compressing into a falling wedge. On June 6, price tested the wedge's lower trendline at $2.85 and rebounded sharply. The bounce led to a strong daily close at $3.26, recovering nearly 14% intraday.
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That recovery confirmed buyer interest near the wedge’s base. The move also pushed SUI above the wedge’s midpoint, a zone often watched for early momentum shifts. The pattern’s measured move target adds around $1.45 from the breakout point, suggesting upside toward $4.70 if confirmed. Volume increased during the rebound, hinting at early accumulation.
Technical support between $2.80 and $2.95 remains critical. If price holds above this range and breaks $3.45 with strength, the setup confirms. A failure to break out—or a drop below $2.85—would invalidate the pattern and risk deeper correction.
Falling Channel Aligns With Wedge Breakout
Another view comes from the 12-hour chart, which shows a defined falling channel from early May to June 6. Here, price respected both trendlines closely, with the June 6 low marking the bottom of the formation. A fast rebound followed, closing above $3.20 and reclaiming the $3.1710 level—an important horizontal pivot from April.
Source: (X)
This intersection of channel resistance and horizontal level forms a decision zone. A clean break above $3.30–$3.45 could flip momentum strongly bullish. The prior rally from April 24 to May 5, where SUI surged from $2.00 to $4.40, adds precedent for another strong move. Fibonacci projections now show upside targets reaching as high as $5.60.
However, risk remains if the price dips below $3.17 again. That would reintroduce pressure toward $2.80. So far, market structure holds a bullish bias while candles continue pressing against key resistance levels.
Market Confidence Grows With Structural Retest
Analysts across platforms highlight SUI’s wedge breakout and reclaim of $2.90 as bullish signs. Price now consolidates just under $3.50, where a breakout could unlock $3.90, $4.00, and even $4.70 targets. A daily close above $3.45 may confirm the move. Traders are watching closely.
