SUI Shows Potential for Rally Toward $3.89 Following Bullish Pattern Breakout

Key Points

1. SUI rebounded from the 20-day EMA at $2.92 and surpassed the 50-day SMA at $3.08, confirming a bullish breakout.

2. Technical projections indicate a near-term climb to $3.55, with a pattern target of $3.89 if the price sustains above the 50-day SMA.

3. The neckline of the inverse head-and-shoulders pattern near $3.08 acts as a strong support zone; a rebound here could propel SUI toward its target.

4. A failure to maintain support at $3.08 could lead to a bearish reversal, with potential declines to $2.80.

5. SUI's price surge aligns with Bitcoin's recent all-time high, indicating broader market bullishness and potential for further gains.