Sui Price Forecast: SUI could rally if it breaks above the falling wedge pattern:

Sui price trades within the falling wedge pattern (drawn by connecting multiple highs and lows with two trendlines since mid-July). A breakout of this pattern generally favors the bulls. SUI price found support around its 50% price retracement level at $3.08, which roughly coincides with the lower trendline boundary of the wedge pattern on Monday and recovered 6% in the next two days. At the time of writing on Thursday, it trades around $3.34.

If SUI breaks above the upper boundary of the wedge pattern and closes above the daily resistance at $3.65, it could extend the rally toward its July 28 high of $4.44.

The Relative Strength Index (RSI) on the daily chart reads 44, nearing its neutral level of 50, indicating a fading of bearish momentum. The Moving Average Convergence Divergence (MACD) lines are also nearing each other with decreasing red histogram bars, suggesting a bullish crossover could happen in the coming sessions.

However, if SUI faces a correction, it could extend the decline to find support around its 50% price retracement level at $3.08.
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