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The SUI is trading at significant supply levels, causing much speculation among traders and analysts about its next move. After reaching a new all-time high (ATH), the price failed to continue above its previous ATH, raising concerns about whether this was a real breakout or just a fake. The current price action has left market participants waiting for confirmation as the bulls try to gain dominance.
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Well-known analyst and investor Carl Runefelt shared SUI’s view, predicting an imminent breakout. According to his analysis, a breakthrough above the current supply levels could trigger a rally towards $4.20 in the coming days—or possibly within hours. Runefelt’s opinion adds confidence to market sentiment, suggesting that SUI still has the potential to restore its upward trajectory despite recent setbacks.
The coming days are important for the SUI as traders monitor whether the bulls can overcome key resistance levels. A significant breakout would solidify SUI’s position as one of the most promising assets in the crypto market.
At the same time, failure to do so may result in a long consolidation or a deep recession. All eyes remain on the $4.20 target and SUI’s bullish momentum.
SUI Only 5% Ade From ATH
SUI recently rose to a new all-time high (ATH) but failed to hold above the previous ATH of $4.05 set on November 17. Despite this brief pullback, price action shows that SUI remains poised to recover and surpass the ATH of it, and analysts. and investors are expecting a significant boost in the near future.
Senior analyst Carl Runefelt provided a detailed technical analysis on X, highlighting that the SUI recently broke out of a 4-hour balancing triangle pattern, indicating bullish momentum. The SUI is trading within a bullish flag formation, a classic continuation pattern that often precedes large price rallies.
Runefelt has set a price target of $4.20 for the coming hours, which he believes could act as the next major resistance before the SUI establishes a new high.
A broader market environment adds more confidence to this bullish view. With strong momentum, Bitcoin’s exit above the $100K level has historically caused altcoin rallies as money flows from BTC to smaller assets. This exchange positions SUI for potential expansion as it benefits from higher profits across the cryptocurrency market.
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While the short-term outlook for SUI appears to be bullish, the price must break and hold above its previous ATH to ensure continued upward momentum. All eyes are on $4.20 as traders await the next move in the interesting SUI rally.
Price Discovery Rally or Correction?
SUI is trading at $3.83 after briefly breaching its all-time high (ATH) but retreating more than 6% from its recent high. Despite the pullback, the price remains within striking range of key resistance levels that could determine its next move. If SUI breaks above $3.88 and successfully retraces the 17th ATH at $3.94 as support, it may trigger another breakout, setting the stage for a price recovery rally.
Retrieving and holding these levels would indicate strong bullish momentum, which could propel the SUI to unspecified territory as buyers fuel the next leg of its rally. Such a scenario would be consistent with broader market sentiment following Bitcoin’s recent rally above $100K, which has historically increased demand for altcoins.
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However, there is risk if SUI fails to break above $3.88 and $3.94 in the near term. A rejection of these levels could result in further consolidation as prices struggle to find direction. This may keep SUI trading within range, frustrating bulls that want to exit. Worse, failure to maintain support can lead to a deep correction, testing hot spots and cooling market enthusiasm.
Featured image from Dall-E, chart from TradingView
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