The technical backdrop supports the bullish case. The RSI sits near neutral at 50, leaving room for buyers to push higher, while MACD is steadily trimming its bearish momentum, often a sign that a trend reversal is building. Trading volumes have tapered off during the consolidation, which is exactly what you’d expect before a breakout attempt.

SUI: Ascending triangle with breakout potential
SUI: Ascending triangle with breakout potential. Source: TradingView

On the 4-hour chart, SUI is also sending constructive signals. A clean W-bottom has taken shape around the 800 EMA, hinting at a local floor and potential springboard for reversal. Bulls now face immediate resistance at the 50- and 200-period EMAs. A close above those levels would strengthen the case for continuation.

The first near-term target sits at $3.92, a key resistance zone highlighted on liquidity heatmaps. Clearing that level could spark an accelerated rally, especially if broader market conditions — and Bitcoin in particular — remain stable.