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Sui Community’s native token, SUI, has reclaimed an important degree after its 10% worth breakout. The token has proven bullish momentum over the previous few days, climbing to weekly highs on Wednesday. Varied market watchers prompt the momentum might ship the cryptocurrency to new highs in Q2.
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SUI Reclaims Key Breakout Stage
Right now, SUI, one of many cycle’s main tokens, retested the $2.60 resistance for the primary time in practically three weeks after reclaiming a key assist zone on Tuesday. The cryptocurrency has misplaced a number of essential ranges through the Q1 2025 retraces, falling over 50% from its January all-time excessive (ATH) to a four-month low of $1.96.
Nevertheless, it has regained momentum amid institutional adoption, together with its partnership with World Liberty Monetary (WLFI), US President Donald Trump’s crypto enterprise, and Canary Capital’s current submitting of a Kind S-1 for an SUI spot exchange-traded fund (ETF) with the US Securities and Change Fee (SEC).
The cryptocurrency moved towards the $2.45 mark within the following days, suggesting that holding this degree might ship SUI to the following essential barrier. After pulling again to $2.20, the token’s momentum resumed on Saturday, rising 13% previously week after printing 5 consecutive inexperienced candles.
Amid its efficiency, some analysts famous that SUI reclaimed the important thing $2.40 assist, which served as a big resistance through the post-US elections breakout and a bounce zone through the February retraces.
Analyst Michäel van de Poppe prompt that the token is “one to regulate,” highlighting that the “great” retest of the excessive timeframe assist “signifies that we’re doubtless going to develop to the upside from right here.”
Is It Prepared For New Highs?
Prior to now 24 hours, SUI surged 10% to the $2.60 resistance, hitting a 20-day excessive of $2.65 on Wednesday earlier than retracing. As varied market watchers identified, this worth motion has seen the token escape of a multi-month falling wedge sample.
A retest and affirmation of the breakout degree might propel the token to aim to reclaim its two-month downtrend. Analyst Sjuul from AltCryptoGems considers that the cryptocurrency needs to be “able to go” to the $2.80 mark, based mostly on its “bullish market construction and good energy.”
Beforehand, Ali Martinez prompt that after reclaiming the $2.45 degree, SUI can be poised for a 15% transfer to this space.
Associated Studying
Furthermore, the token might additionally surge towards a brand new excessive if historical past repeats itself. Since 2023, SUI has damaged out of a multi-month falling wedge twice, in October 2023 and August 2024, which propelled the cryptocurrency to new ATHs within the coming months.
In the meantime, dealer Crypto Bullet famous that the cryptocurrency has just lately reclaimed the 365-day Exponential Transferring Common (EMA) after buying and selling beneath it over the previous few weeks. Based on the dealer, holding this degree as assist might impulse the token’s rally towards its January excessive of $5.37.
As of this writing, SUI trades at $2.58, a 5.5% enhance within the day by day timeframe.
Featured Picture from Unsplash.com, Chart from TradingView.com