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SUI Action: Weekly Pattern Suggests Price Is Coiling For A Bigger Move
- The SUI/USDT weekly chart shows price action tightening within a defined range, suggesting a potential shift in trend.
- SUI has formed a symmetrical triangle squeeze pattern, indicating a possible explosive move awaiting confirmation.
- Despite a recent dip below a trendline, there are indications that it might have been a bull trap, signaling a potential reversal.
- A strong snap back into the triangle could lead to an upside breakout with a target set at $3.50 or more.
- SUI's price action forms a falling wedge pattern, indicating a bullish reversal setup after a 37% drop from May highs.
- Key support lies between $2.70 and $3.00, with a breakout potentially driving the token towards $4.50 to $5.00.
- Technical analysis suggests strength in the $2.85 level with price stabilizing above moving averages and RSI trending upward.
- The MACD is approaching a bullish crossover, indicating the possibility of upward price movement if confirmed by increased volume.
- SUI has shown substantial gains over the past year, with DeFi aggregator volume surpassing $45 billion and bullish momentum building.
- The market structure indicates potential for a bounce as the price action prepares for an upward move, focusing on reclaiming the $2.90 resistance level.
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