**SUI hovers around critical supply levels, sparking intense scrutiny among traders regarding its next move. Recently achieving a fresh all-time high (ATH), it couldn't maintain a position above its former peak, prompting questions about the authenticity of the breakout. Market participants now await confirmation as bulls strive to re-establish control.
Notable analyst and investor Carl Runefelt offers a bullish perspective on SUI, forecasting a potential breakout. He suggests that a move past the current supply levels might ignite a rally towards $4.20 soon. Runefelt’s insights are bolstering market confidence, indicating that despite recent setbacks, SUI possesses the ability to resume its upward path.
The near-term outlook is pivotal for SUI.
Traders closely watch whether bulls can surmount key resistance thresholds, as a convincing breakout might elevate SUI's status as a premier asset in the crypto market. Conversely, failing to achieve this could lead to prolonged consolidation or further decline. Market focus remains on the $4.20 target.
SUI fell 5% shy of its ATH, having surged to a new high, but couldn't sustain it past the prior mark of $4.05 reached on November 17. Despite the small setback, there is optimism about SUI surpassing its ATH, with analysts anticipating rapid upward momentum.
In a recent analysis on X, Runefelt noted SUI's breach of a 4-hour symmetrical triangle pattern, signaling a potential bullish trend. Trading within a bullish flag—a classic precursor to significant rallies—he targets $4.20 as a crucial resistance checkpoint before SUI potentially reaches new highs.
The wider market context bolsters this positive outlook. Bitcoin’s ascent over the $100K milestone typically triggers altcoin rallies as liquidity shifts from BTC to smaller assets, positioning SUI for an upswing amidst increased market interest.
The consistent upward momentum of SUI can only be confirmed if it surpasses and maintains above its previous ATH, regardless of the short-term bullish outlook. As investors eagerly await SUI's next market move, the $4.20 level continues to play a pivotal role.
With a 6% retracement after breaking out above the ATH, SUI is now trading at $3.83. Its next move may be guided by its proximity to key resistance levels, even with the drawdown. In order to set the stage for a price discovery rally, it is crucial to break out of the $3.88 support level and reclaim the $3.94 ATH, which was broken on November 17.
When interest peaks, SUI could be propelled into uncharted territory if it reaches and maintains these benchmarks, which would indicate strong bullish momentum. This is in line with the general market trend that has historically increased demand for altcoins after Bitcoin's $100,000 rally.
Nevertheless, dangers may arise if these levels are not exceeded.
Investors hoping for a breakout may be disappointed if rejection causes SUI's price to remain stuck in a trading range for an extended period of time. A more severe correction, testing lower demand levels and reducing market excitement, could be instigated by a support break.