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Sui breaks $3 resistance: Is a new ATH next?

  • Sui (SUI) breaks above $3 resistance level, seeing a surge in price with double-digit gains in the past 24 hours.
  • SUI's upward momentum coincides with the broader market spike, propelled by positive sentiment towards altcoins and strong on-chain fundamentals.
  • Technical analysis indicates a bullish reversal with the breakout of a descending wedge pattern and the formation of an ascending triangle pattern on the 4-hour chart.
  • While indicators like MACD show bullish control, the RSI nearing overbought territory could lead to potential profit-taking and a short-term correction to support levels around $2.6.

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