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SUI is currently poised at a pivotal crossroads, with its price action revolving around the key resistance level of $3.52. With momentum building, this crucial juncture has captured investors’ attention, as a sustained breakthrough could signal the beginning of a significant upward surge, and failure to do so may indicate a loss of momentum.
SUI Maintains Strength At $3.52 With Fresh Gains
In a recent post, crypto analyst BitGuru revealed that SUI is demonstrating notable strength in the market. At the time of the post, SUI was holding firm at the $3.48 level, having already secured a respectable 3.1% gain, a direct result of the asset bouncing back from its recent lows.
Bitguru further highlighted that SUI’s momentum is not erratic but steady, signaling that buyers are firmly in control of the price action. This consistency is a key technical indicator, suggesting that the current upward trend has a solid foundation and is not simply a temporary spike.
Looking ahead, BitGuru emphasized that the next critical point for SUI is the $3.52 resistance level, which SUI has now claimed. Meanwhile, a successful close above this price point is expected to trigger the next significant upward movement for the asset. This breakout would confirm the bullish momentum and reinforce the positive long-term outlook for SUI.
Retest In Focus: Can Bulls Secure The Breakout?
CryptoPulse, a prominent analyst, has provided an updated technical analysis of SUI’s price action, highlighting a key bullish development. According to the post, SUI has successfully broken out of a daily falling wedge pattern on its 12-hour chart. This is a significant event, as a falling wedge breakout typically signals a potential trend reversal from a downtrend to an uptrend, indicating that sellers are losing momentum and buyers are gaining control.
Following the breakout, SUI is now engaged in a crucial retest of the zone that previously served as resistance. In a classic “resistance-turned-support” scenario, the price is now testing this former ceiling to confirm it as a new floor, a trend that will likely dictate the asset’s short-term trajectory and confirm the validity of the breakout.
Furthermore, CryptoPulse outlines two distinct scenarios based on the retest. If SUI can successfully hold this new support level, it would validate the breakout and set the stage for a continuation of the upward momentum, with the next potential price targets at $4.00 and $4.40. However, if SUI fails to hold the retest and falls back below this key level, it could trigger a deeper pullback, with the price retracing to the $3.20 area before any potential continuation of the uptrend.
