SUI is making waves throughout the crypto universe as bullish sentiment gathers steam. With the price action intensifying and robust buy demand driving the rally, the coin is rapidly rising in ranks. Both traders and fans are keeping a close eye as SUI makes its presence felt in the current market uptrend.
At the time of writing, SUI is trading at $3.28 with a 24-hour trading volume of $972.89M and a market cap of $972.84M. The SUI price over the last 24 hours is showing stability, but over the last week, its price has been hit by market volatility and is down by 9.36% but showing signs for the next major journey.
SUI forms Strong base above $3.40
A crypto analyst, Emma, highlighted that SUI in a decisive display of bullish strength, it rocketed from $2.4192 to $3.75, following the successful breakout of an inverse Head and Shoulders (H&S) pattern, a well-known technical indicator that often signals the beginning of a bullish trend reversal.
This pattern, which had been forming steadily over the past few sessions, culminated in a breakout candle that sent strong bullish signals across the market. Traders and analysts alike have been eyeing this setup, and its clean confirmation has sparked a wave of renewed investor interest in the layer-1 blockchain project.
Currently, $SUI is trading in consolidation around the $3.40 mark, which seems to be serving as a short-term support area. This is a normal period of sideways action after such a large breakout, as the market gets to take in gains and shake out weak holders.
The short-term momentum indicators are still in favor of the bulls, indicating the bull run is not complete. With the asset holding above $3.40, another leg up may have the potential to establish a strong foundation. With confidence already in play and volume steady, the bulls have the advantage for now — but they will have to hold down this support area in order to continue in control.
Traders have their eyes set on $3.75 as the first take-profit target (TP1), representing a retest of the last high. Above that, $4.10 (TP2) is the psychological and technical target that could gather additional momentum should the subsequent breakout candle appear.
