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- SUI has broken the wedge and is now trying to move towards $2.99.
- If a breakout occurs above $2.50, the price could rally another 25% throughout April.
- Technical indicators corroborate all the bullish steps as momentum increases.
The SUI chart shows the recent formation of a falling wedge on its daily scale, with imminent breakout potential. Coming into March 2025, SUI was seen to consolidate within the wedge, slowly approaching the apex of the wedge, where any strong price movement was expected. It is observed in the chart that the cryptocurrency was trapped under resistance and bounced between the upper and lower trendlines of the wedge for quite a number of months. With a looming breakout, the SUI coin is primed to have a sudden and rapid price ascent towards a potential new all-time high by April 2025.
Normally the falling wedge formation forecasts a bullish revival, and SUI has kept all signals astir for quite a sweeping breakout. The cryptocurrency has been testing support at the lower trendline of the wedge, witnessing an increase in buying interest as it approaches the apex. Historically after a falling wedge, breakouts always occur to the upside making it apparent, should SUI maintain this plan, a surge above the current resistance would be relatively profitable. The price target for the breakout is set around $2.99 and could exceed this limit with upward potential.
Price Action and the Wedge
SUI’s price action within the wedge has been characterized by the formation of lower highs and higher lows, confirming a squeezing price structure. The falling wedge generally occurs in a downtrend and signals that selling pressure is exhausting as buying steps gradually. The price of SUI is testing the apex of the wedge, where the upper and lower trendlines converge. From here is another key potential breakout region that would yield a strong price surge. A conclusive run above the upper trendline would render the break above the wedge confirmed, thus propelling SUI to new heights.
Currently, SUI trades at around $2.40, which, if broken at $2.50, thereby allowing the price to rise to the level of $2.99. The upper trendline of the wedge has posed a strong resistance to upward movement but once broken, sharp price action is expected. Traders and investors watch closely for this breakout, one of which could give rise to a general market rally. A possible upside of $2.99 means a potential 25% profit from the current price, rendering it a highly chased move.
Potential Breakout Timing and Mood in The Market
The breakout’s timing is quite critical because SUI has come to the end of the wedge. The price is currently at the apex of the wedge, and this is where wild price action normally occurs. A successful breakout above $2.50 could allow the bullish momentum to push towards new highs, which could include $2.99 and above. The breakout could spur more buying momentum.
