Amid the recent market volatility, SUI is attempting to hold a key level as support following its breakout from a local resistance. Some analysts have suggested that if momentum holds, the altcoin could be preparing for a 50% rally to the next major resistance.
However, the early November pullback sent the price below the local range and to seven-month low levels. Last week, SUI closed below the $2.00 barrier for the first time since April, briefly retesting the $1.80 area.
Amid its recovery, analyst Ali Martinez recently highlighted that the TD Sequential indicator flashed a buy signal for the cryptocurrency, suggesting that the bottom could be in and a rally to higher levels is next.
According to the announcement, the exchange has launched regulated custody and liquidity support for SUI, giving institutions’ clients “a secure, compliant way to store, manage, and access deep liquidity for SUI.”
Notably, SUI has been hovering between the $2.00-$4.00 levels for most of the cycle, with the range’s lower boundary serving as a major support zone since late 2024. Now, the price “is holding initially on this higher low,” but must show short-term strength to break out from this area.
Per the post, the altcoin has also broken out of its one-month diagonal resistance, which could send the price back to pre-November pullback levels. Currently, SUI’s price is retesting the downtrend line as support, which could turn the correction into a deviation and propel a move back above $2.30.
Nonetheless, he warned that the two previous breakouts also saw some volatility after the initial move, suggesting another retest of the downtrend line could happen before the next leg up.
As of this writing, SUI is trading at $2.07, a 3.8% decline in the daily timeframe.
