SUI price is trading at $2.03 today with a 9.99% price surge in the last 24 hours. The Sui Network is outperforming many other Layer 1 blockchains.
The rally comes as SUI shows high inflows and bullish trends as analysts are expecting a breakout due to a technical triangle pattern forming on the charts.
SUI Price Rises Near Resistance Levels
Currently, SUI is trading well above its 20-day SMA at $1.96, which reveals strong buying pressure at the moment.
SUI may encounter selling pressure at the $2.19, the upper Bollinger Band level if support for the price increase fails to build up. Regardless of the approach to resistance, the current trend is expected to remain positive.
The Relative Strength Index (RSI) for SUI is at 55.04, which implies that there is a positive outlook and still has potential for further upside before reaching overbought territory.
If the RSI rises above 70 it could signal a short-term peak or correction. However, slight pullbacks from these levels would confirm strong bullish trend continuation.
Technical Indicators Show Breakout Potential
Based on oct_trades’ analyst chart, SUI chart forms a triangle on the daily chart and usually it forms when there is a consolidation before a breakout can occur.
The pattern has a higher low and lower high that reflect the tighter range and the building of pressure for a directional movement.
Furthermore, Oct_trades claimed that such a structure looks like SUI’s previous rallies suggesting an upside continuation if resistance breaks through. “With the current triangle formation, there is going to be a breakout,”oct_trades wrote.
Community Sees Strong Network Growth and Price Potential
SUI’s price movements and activity have garnered some attention from the crypto community, here mainly pointing out the symmetrical triangle and the key support levels.
Some investors believe that a breakthrough is possible at the present stage of the development of SUI, as evidenced by the growing popularity of the platform and community.
“Feeling confident and well-positioned in SUI as it shapes up within this symmetrical triangle!” one user wrote. “Strong support plus that potential breakout has my eyes on $1.97, $2.11, and $2.35 targets.”
This makes SUI stand out from other altcoins as it continues to gain strength and record increased inflows in the market. Furthermore, it has placed SUI as a leading Layer 1 blockchain where investors are looking forward to its growth.
As the community anticipates a breakout and continues to accumulate, the coming days will be key in determining SUI’s next move.
