SUI Breaking $3: 5 Technical Signals Pointing to a Major Rally
- SUI breaks out of a bullish falling wedge; $2.37-$2.20 retest is a potential entry point with targets at $2.90 and $3.70.
- Key fundamental catalysts, including a major Dubai event, ATHEX partnership, USDC growth, and a SUI ETF filing, fuel bullish sentiment.
- SUI is attracting institutional interest (Grayscale), integrating AI, and becoming a Bitcoin Secured Network with significant BTC liquidity.
SUI is poised for a bullish breakout as price has broken above the upper trendline of the falling wedge. This often suggests that downward pressure is weakening and upward momentum is rising.
In the day-old chart, the tokens price action appears to remain within a falling wedge pattern (usually seen as a bullish reversal pattern). Market analysts like Karan Singh Arora predict a retest of the $2.37 to $2.20 would be an ideal entry point. This means the token could briefly retrace to test the broken resistance level (now potential support) before marching ahead.
The $2.10 neckline is seen as the invalidation level. This means if the price falls below this support level, the bullish breakout thesis would be invalidated, indicating further downside. Arora set $2.90 and $3.70 as potential levels where the price might face resistance after the breakout.
Adding to this bullish outlook is a strong pipeline of positive fundamental developments and increasing adoption within the Sui ecosystem. A major upcoming event in Dubai is slated for 1-2 May, where Mysten Labs co-founder Adeniyi Abiodun is rumored to announce something big.
Key Partnerships and Developments Driving Suis Expansion
The network has also teamed up with ATHEX, Greeces national stock exchange, bringing traditional finance on-chain with the network. There has also been a significant growth of the stablecoin, especially USDC, recently crossing $545 million in total market cap. Next, Grayscale, one of the biggest crypto asset managers, is adding Sui ecosystem tokens like $DEEP and $WAL to their Assets Under Consideration list.
Another major institutional development is Canary Funds, which filed paperwork with the SEC through the Cboe BZX Exchange for a spot SUI exchange-traded fund (ETF). The network is also attracting significant BTC liquidity to the tune of $1.5 trillion by becoming a Bitcoin Secured Network (BSN).
Apart from that, the network has integrated its first AI model via ZarkLab to enhance the network with features like safer transactions, native tooling, on-chain analysis, and real-time insights.
Nautilus is live on Sui Testnet, bringing verifiable offchain computation into the core Web3 developer toolkit.
Read more: https://www.tronweekly.com/sui-technical-signals-rally/
Text source: TronWeekly
