The daily chart for SUI (Sui) is currently showcasing a highly constructive technical setup. The price action is tightly coiled within a large ascending triangle—one of the market’s classic bullish continuation patterns—now teetering just below a potential breakout point. If SUI manages to pierce the upper boundary of this triangle with conviction, especially in the context of a supportive or stable market backdrop, the stage could be set for a significant upward thrust. Technically, even a run toward or above $5.50 becomes a plausible upside target in such a scenario.
Multiple technical indicators lend weight to this bullish outlook. The Relative Strength Index (RSI) hovers steadily near the 50-mark, a neutral level that both reflects balance and leaves plenty of room for additional upside momentum. Meanwhile, the Moving Average Convergence Divergence (MACD) has been steadily reducing its negative momentum over recent days—a common precursor to a potential trend reversal in favor of buyers. Volume analysis also supports this picture: as is typical within triangles, there’s a modest decline in trading activity, often a precursor to a volume-driven breakout.
Bullish Structure Intact – Watch for Confirmed Breakout
The broader structure remains technically bullish, provided that Bitcoin remains steady or demonstrates its own strength. Should SUI confirm a breakout above the triangle’s upper resistance on increased volume, this would generate a powerful buy signal and flip the chart decisively in favor of the bulls.
SUI: Ascending triangle with breakout potential. Source: TradingViewSUI 4h Chart: W-Pattern Bottoming and Key Resistance Ahead
On the 4-hour timeframe, SUI also paints a constructive technical picture. Here, a textbook W-pattern has formed right at the 800-period EMA—a zone historically known as a springboard for technical reversals. This structure suggests the possibility of a local bottom, laying the groundwork for a sustainable trend reversal.
The next key step is a decisive move above the 200- and 50-period EMAs, which now act as immediate resistance. If SUI can clear these hurdles, the path will be open from a technical perspective for the larger uptrend to resume.
Indicators echo this scenario: The RSI remains in neutral territory, signaling there’s plenty of runway before the market risks overbought conditions. The heatmap (upper left in the chart) highlights a dense cluster of liquidity just above the current price—often a "magnet" for further upward moves as buy pressure intensifies.
The first technical target sits at $3.92, marking a clearly defined resistance level. Overcoming this would unlock new territory for bulls and could trigger an accelerated rally if overall momentum persists.