SUI Falls 6% to $3.81; Technical Breakout Targets $7
Sui (SUI) slid 6% to $3.81 after over $1.5 billion in liquidations on leveraged positions across Binance, OKX, Bybit and Gate. Charts from analyst Ali Martinez show SUI breaking out of a long-term symmetrical triangle above the 0.618 Fibonacci level at $3.57, now acting as support. This breakout sets immediate targets at $5.25, followed by $6.90–$7.00. Martinez forecasts a rise to $4.90, a brief pullback, then a climb toward the $6.90–$7.00 zone in the coming weeks. Meanwhile, Sui-based DeFi TVL stands near record levels at $2.15 billion, up from $500 million last year, reflecting growing ecosystem activity despite short-term dips. 21Shares has also expanded European exposure by listing two new ETPs on the SIX Swiss Exchange: the 21Shares Sui Staking ETP (ASUI) and the 21Shares XDC Network ETP (XDCN). Traders should watch SUI’s support at $3.57 and the forecasted breakout path for potential bullish opportunities.
Bullish
Despite a 6% drop driven by over $1.5 billion in liquidations, SUI’s breakout above the 0.618 Fibonacci level at $3.57 signals renewed bullish momentum. Historical precedents show that breaches of long-term symmetrical triangles often lead to sustained rallies. The rising DeFi TVL—up from $500 million to $2.15 billion—and the addition of SUI-focused ETPs in Europe suggest growing institutional demand and ecosystem strength. Short-term traders should monitor support at $3.57 and initial targets at $5.25, while medium-term movers can aim for the $6.90–$7.00 zone.