SUI is drawing renewed attention as it approaches a key technical level that has historically triggered strong rallies.
According to the crypto analyst Rendoshi, the previous breaks of its weekly downtrend lines have led to powerful upward moves, making the current setup notable as traders closely monitor the chart for potential momentum shifts.
Source: Rendoshi X Post
At the moment, no confirmed breakout has occurred, but market watchers are keeping SUI on their watchlists.
A decisive move above the descending resistance trendline could signal a trend reversal and attract fresh buying pressure. If momentum builds after the breakout, some analysts believe the token could push toward the $5.10 price level.
Also Read: SUI Holds Support Zone as Analysts See Possible Move to $1.05
SUI Technical Outlook Points to Sideways Consolidation
According to TradingView, SUI indicates a movement from a sharp bearish trend to consolidation. After experiencing a significant sell-off until early February, the asset has managed to find support at $0.857.
Now, the asset is trading at $0.968, trying to stay above the 20-day EMA, albeit still restricted by the 50-day EMA.
Source: TradingView
Currently, Bollinger Bands are tightening, which is an indication of decreasing volatility and an impending squeeze. Price action is currently trading close to the middle band at $0.922.
For a reversal to be confirmed as positive, SUI needs to break through the resistance level of $1.07, as the long-term trend is still influenced by the 200-day EMA hurdle.
Momentum Indicators Show Improving Outlook
The RSI is at 50.68, which is a neutral reading since it’s around the middle point. The purple line has been rising from oversold territory since early February and is now above its yellow signal line at 42.95. This is a sign of increasing buying pressure, which is a result of stabilizing from heavy selling pressure in the past.
Source: TradingView
The MACD has formed a bullish crossover, where the blue line is trending above the orange line, currently at -0.03000.
Although still below the zero level, the green bars are rising, indicating a move towards positive momentum. This indicates that the long-term trend is losing its strength, creating a foundation for the reversal of the trend.
Also Read: SUI Forms Key Base at $0.88 as Explosive $1.10 Move Looms
