SUI Price Analysis: Bullish Breakout Seen, Targeting $3.89

On Thursday, Bitcoin climbed to new all-time highs, lifting sentiment across the cryptocurrency market. Select altcoins are benefiting from this rally, including Sui (SUI), which surged 11.3% to $3.41 from its previous low.

SUI Technical Breakout

SUI posted a sharp reversal from the 20-day exponential moving average (EMA) of $2.92 on Wednesday and broke above the 50-day simple moving average (SMA) of $3.08 on Thursday, signaling strong buying interest.

SUI/USDT daily chart showing bullish reversal pattern — SUI/USDT daily chart. Source: Cointelegraph/TradingView

Chart indicators show continued strength in SUI: the 20-day EMA is stabilizing and the relative strength index (RSI) entered positive territory, suggesting sustained bullish momentum. Buyers appear poised to drive the price toward $3.55 if the support holds near the 50-day SMA.

Bullish Pattern Recognition

The SUI/USDT pair completed a bullish inverse head-and-shoulders pattern following a close above the $3.08 level. Rising moving averages indicate buyer control, though the RSI suggests an upcoming consolidation or correction.

SUI/USDT 4-hour chart showing inverse head-and-shoulders formation — SUI/USDT 4-hour chart. Source: Cointelegraph/TradingView

If SUI sustains its position above the pattern’s neckline, the technical target remains $3.89. Conversely, a breakdown below the 20-day EMA could trigger selling pressure and reverse the current momentum.

This article does not constitute investment advice or financial recommendations. Trading and investing in digital assets involves substantial risk, and readers should conduct their own research before making decisions.