SUI Price Coils in Triangle and Falling Wedge, Eyeing Bullish Breakout
SUI/USDT weekly chart has formed a symmetrical triangle and a falling wedge, signaling coiling price action ahead of a potential breakout. After a 37% drop from May highs, SUI is holding key support between $2.70 and $3.00. A false breakdown below the triangle may be a bull trap, and reclaiming the $2.90 resistance could pave the way to $3.50. A confirmed wedge breakout might propel SUI toward $4.50–$5.00, while a failure to hold $2.70 would expose $2.00. On the 1-hour chart, price stabilizes above the 5, 10 and 20-hour moving averages; RSI is rising from oversold and MACD nears a bullish crossover. Strong DeFi volume growth (up 19% to $45 billion) underpins improving fundamentals. Traders should watch for momentum back into the triangle and breaking key levels for entry signals.
Bullish
Multiple technical patterns—symmetrical triangle coiling and falling wedge—combined with rising RSI, impending MACD crossover, and strong support at $2.70–$3.00 suggest bullish momentum. Historical precedents show bull traps in tight consolidations often precede rapid reversals. A confirmed breach of $2.90 resistance and wedge breakout could trigger active buying, pushing targets to $3.50 and beyond. Even if short-term retests occur, the overall structure favors an upside move, making the outlook bullish for both short-term trades and longer-term positions.