SUI Breaks Out: Is a Rally to $8 Imminent?

SUI's price just punched through a critical resistance level—and now the bulls are roaring. Could this be the start of a sprint toward $8?

After weeks of consolidation, the token's breakout has traders scrambling. Technicals suggest momentum is building, but can it sustain the climb?

Here's the kicker: SUI's move mirrors patterns seen in other altcoins before their parabolic runs. Yet, as any jaded crypto vet knows, 'this time is different' until it isn't.

One thing's certain: Wall Street's still busy shorting ETFs while DeFi eats their lunch.

Key Insights:

• SUI crypto price was signaling a bullish continuation pattern.
• The breakout occurred above the 0.786 Fibonacci level at $4.26, with upside targets at $5.28, $6.96, and $8.04.
• A sustained close above $4.30 confirmed the breakout, while $3.68 now acts as key support for the ongoing rally.

SUI price cleared the symmetric triangle pattern on the daily chart, a sign of a market directional change. The altcoin breakout was made around the resistance of 4.30 and above the 0.786 Fibonacci retracement area. This action is gaining momentum because traders are betting on whether SUI crypto will rally to $8.

SUI Crypto Price Bulls Target $8 After Daily Triangle Breakout

Analysts observed that sui crypto price broke out of a symmetrical triangle on the daily chart, signaling a bullish continuation pattern. This breakout followed months of consolidation, with price action forming higher lows within narrowing trendlines.

The top altcoin breakout occurred just above the 0.786 Fibonacci retracement level at $4.26, suggesting a technically supported shift in trend direction.

A daily candle close above $4.30 marked confirmation of the breakout. The confirmation of the breakout was a daily candle above $4.30. According to Fibonacci extension projections, the next resistance will be at $5.28, $6.96 and $8.04.

In addition, the analyst also noted a new support area at $3.68 level, which matched with the 0.618 Fibonacci retracement. This level was respected during the most recent pullback, demonstrating buyer commitment.

If sui price holds above this level, it may serve as a base for further upward movement toward the projected resistance areas.

The triangle breakout was accompanied by rising momentum and trading volume. When extrapolated from the breakout point, the target of $8.04 appeared aligned with the triangle’s projected height.

Volume and Open Interest Surge Confirm Bullish Bias

Recent derivatives data showed that SUI crypto trading activity has grown sharply. The volume of total derivatives increased by 12.39% and amounted to $7.34 billion within the last 24 hours. A volume increase in case of a breakout usually adds strength to the credibility of SUI price movement.

Along with the volume there was an increase in the open interest of 8% to $2.72 billion. Open interest is the amount of money in outstanding contracts of derivatives and can be regarded as a measure of new money coming into the market.

Over the last 24 hours, liquidation data revealed $5.51 million in total liquidations for SUI. Long positions accounted for $2.71 million, while shorts recorded $2.80 million.

In shorter timeframes, the 1-hour and 4-hour liquidation charts showed dominance of long liquidations. However, the larger trend remained intact as SUI price held above key breakout levels.

SUI Crypto Price Bullish Momentum Strengthens

Following the confirmed breakout, analysts are monitoring the $5.28 level as the next key resistance. A break above $5.28 WOULD open the path to higher targets such as $6.96 and $8.

At press time, SUI price traded at $4.22, up 5% over the past seven days. Its 24-hour trading volume ROSE 18% to reach $2.59 billion.

In addition, SUI crypto showed the MACD line trading above the signal line, a setup that reflects bullish momentum. The crossover occurred in early July and has since widened, maintaining a positive trajectory.

This divergence between the MACD and the signal line has implied a further movement upwards. The final histogram bars are however too short when compared with those representing the period before the peak at mid-July. This decreasing level shows that SUI price is losing its bullish power, despite the MACD line remaining above the signal line.