SUI Surges 56% Weekly, Targets $4 Resistance Level
SUI has surged 56% over the past week, restoring bullish sentiment. The token increased by 11% on Thursday, reclaiming the $3 mark after a prolonged downtrend from its all-time high of $5.35.
SUI Reclaims $3 Amid Breakout
- After losing 68% from January highs, SUI attempted to break above the $2.70-$2.80 resistance last month.
- In March, institutional interest peaked with Canary Capital's ETF filing for SUI.
- The recent breakout has pushed SUI back above the $3.00 and $3.20 levels.
- Repeated breakouts from a multi-month falling wedge could signal a move to new highs.
Price Sitting At Key Level
- SUI's price reached $3.39 before retracing to the $3.25-$3.30 range.
- Market analyst Hov noted key resistance lies between $3.30-$3.70.
- A close above $3.72 is needed for bullish confirmation; otherwise, it may retest $2.70-$2.80 as support.
- Rekt Capital highlighted that Grayscale opened a SUI trust, indicating institutional growth.
- SUI has moved ahead of Avalanche (AVAX) and Chainlink (LINK) in market capitalization, now ranking 11th.
- SUI trades at $3.28, marking a 34% monthly increase.
