Technical indicators signal a potential price surge for the SUI token following a clear breakout from key technical resistances. After a rebound from crucial support near the 20-day Exponential Moving Average (EMA) at $2.92, SUI decisively surpassed the significant hurdle presented by the 50-day Simple Moving Average (SMA) around $3.08, confirming its breakout.
Chart projections based on the breakout pattern suggest a near-term price climb reaching at least $3.55. Achieving and sustaining momentum above the 50-day SMA could propel SUI toward the pattern’s primary target objective near $3.89.
The recently overcome neckline level, pegged near $3.08, is anticipated to provide robust support for any retracements. A rebound from this zone could act as a springboard for further upside progress. SUI’s positive price action coincides with Bitcoin reaching a fresh all-time high, aligning with the broader bullish market sentiment.
However, the bullish outlook faces a key risk if SUI fails to hold the $3.08 support level. A definitive breakdown below this zone could trigger a bearish reversal, with potential downside targets around $2.80 bringing the rally into question.