The SUI token has broken out of a prolonged descending channel, signaling a potential bullish reversal according to technical analysis. Despite a current pullback to approximately $1.20, key momentum indicators remain positive. Analysts project upside targets reaching as high as $4.20 if the breakout momentum is sustained.
The SUI price has broken out of a descending channel, rallying strongly before a mild pullback while maintaining its bullish structure. According to CoinMarketCap, SUI is trading at $1.20 with a 24-hour loss of 2.68%.
Technical indicators show the Relative Strength Index has cooled from overbought levels while the Moving Average Convergence Divergence remains positive. This signals ongoing bullish momentum despite the short-term price decline.
Derivative data, however, points to declining market activity. Coinglass reports open interest declined by 7.56% to $771.59 million, suggesting reduced trader exposure.
Trading volume also decreased by 28.13% to $1.33 billion, reflecting lower participation and possible consolidation. This suggests cautious sentiment amid the changing market conditions.
Crypto analyst Jonathan Carter highlighted the breakout from a downtrend channel on the daily chart. “It indicates that there is a potential switch from a corrective phase to a new bullish wave,” his analysis stated.
The move has achieved gains of around 46% since the formation of an accumulation pattern. Carter’s analysis sets projected upside targets at $1.95, $2.40, $3.10, and $4.20.
According to TradingView, SUI showed a quick recovery after breaking above the $1 mark in early May. The price is currently retracing after approaching the $1.40 level.
