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SUI looks to $4 amid a 56% weekly increase - here are the levels to watch.
SUI leads the cryptocurrency market with a 56% increase over the past seven days, reigniting bullish sentiment towards the token. Amidst its price recovery, some analysts have suggested that the cryptocurrency is on the verge of a massive rise towards new levels.
SUI regains 3 dollars amid explosion
On Thursday, SUI, one of the leading cryptocurrencies of this cycle, experienced a daily jump of 11% to surpass a critical threshold. The coin had been on a downward trend for several months since reaching its all-time high of (ATH) at $5.35 four months ago.
Over the course of the 2025 corrections, the cryptocurrency has lost key support levels, falling more than 68% from its January high. However, it tried to regain the resistance level between $2.70 and $2.80 last month after trying to break out of the falling wedge structure that lasted for several months.
In March, the token rose to this key area after news of institutional adoption, including Canari Capital's submission of an S-1 model for the SUI (ETF) to the U.S. Securities and Exchange Commission (SEC).
In the end, it failed to confirm the breakout and turn this level into support, leading to a decline to previous breakout levels before the US elections in the following weeks. However, the weekly breakout of 56% for SUI has brought the cryptocurrency back above the levels of $3.00 and $3.20, which were lost in March.
Furthermore, SUI has broken out of the descending wedge pattern again, which could push the token to new levels if the breakout is confirmed. It is worth noting that the altcoin has exited a multi-month descending wedge twice, in October 2023 and August 2024, propelling the cryptocurrency to new heights of all-time highs in the coming months.
The price is sitting at a major level.
After today's rise to a level of $3.39, the token has dropped towards levels of $3.25-$3.30, with market watcher Hof noting that SUI is in a major resistance area between the price range of $3.30-$3.70.
For the analyst, the cryptocurrency "must hold above this level and achieve an HTF close above approximately 3.72" to confirm the upward trend. After that, he suggested that SUI is likely to "see a new test of the resistance turned support." This would place resistance at $4.00 and a new ATH "on the list" if it continues.
Conversely, the failure to reclaim this key area could halt the upward momentum and lead cryptocurrencies to retest the recently reclaimed support level between $2.70 and $2.80, putting them at risk of falling into the accumulation zone between the range of $2.00 and $2.30.
At the same time, Rekt Capital pointed out that the token also looks good "from the fundamental side of things, as Grayscale opened the SUI fund today, indicating institutional growth."
The analyst highlighted that SUI has risen by 50% since breaking its downward trend, making the token outperform Avalanche (AVAX) and Chainlink (LINK), making it the eleventh cryptocurrency by market value.