Breakout Above $4.30 Puts SUI on Track for $8
SUI has caught market attention after a decisive breakout above the $4.30 level. With technical patterns aligning and trading momentum accelerating, analysts are now pointing to $8 as the next possible target. The bullish breakout is supported by both classical chart setups and strong on-chain metrics, making SUI one of the most closely watched altcoins of the week.
Symmetrical Triangle Breakout Signals Fresh Trend
A symmetrical triangle that had been forming since early 2024 has now been breached to the upside. This pattern, known for compressing price within a narrowing range, often precedes major moves when volume supports the breakout. Market analyst Ali Martinez noted the breakout occurred right around $4.30, coinciding with the 0.786 Fibonacci retracement zone. The next levels on the Fibonacci scale—$5.29, $6.96, and $8.05—are now in focus if buying pressure continues.
Cup and Handle Formation Strengthens Bullish Outlook
Another technical formation reinforcing the rally is the cup and handle pattern on the 12-hour chart. Analyst Robert Mercer highlighted that the cup formed gradually over a two-month span, indicating a long consolidation followed by a recovery. The handle recently completed with a breakout above $4.15, which had previously acted as resistance and is now serving as a support level. The combination of this structure with the triangle breakout further validates the bullish setup.
Volume and Open Interest Spike on Confirmation
According to data from CoinGlass, SUI’s trading volume has spiked nearly 20%, climbing to over $7.5 billion in the past 24 hours. Open interest also saw a notable rise of 12%, now totaling $2.73 billion. These indicators show that more traders are entering positions, suggesting strong conviction behind the move. Higher volume during a breakout adds credibility to the price action and reduces the likelihood of a false signal.
Traders Favor Long Positions Over Shorts
SUI’s long/short ratio currently stands at 1.04, indicating a slight dominance of long positions. Longs account for 50.98% of total open interest, while shorts represent 49.02%. This tilt reflects bullish sentiment in the market and aligns with recent price behavior. As price continues upward, traders may look to rebalance or increase exposure toward the higher Fibonacci targets if momentum sustains.
Technical Levels to Watch After Breakout
With the price currently holding above $4.26, the next major resistance lies at $5.29—the previous local high. A move beyond that could trigger a push toward $6.96 and eventually $8.05. These levels not only mark historical resistance zones but also coincide with key Fibonacci extensions.
On the downside, $4.15 remains a critical support level. Holding above this area would keep the bullish structure intact and maintain the current upward trajectory.
Market Sentiment Turns Positive for SUI
Investor sentiment around SUI has turned noticeably optimistic as the broader altcoin market stabilizes. The project’s narrative as a scalable Layer 1 protocol has regained traction, with rising user activity and ecosystem development contributing to renewed interest. The price breakout has also brought SUI back into the spotlight for both short-term traders and long-term holders looking for strong entries.
Can SUI Reach $8 in the Short Term?
While technicals and volume support the case for continued gains, SUI will need sustained momentum to reach the $8 target. Reaching $5.29 in the coming sessions would be a key step, as it would confirm the breakout’s strength and open the door for further upside. As long as support holds above $4.15, bulls remain in control, and a test of $6.96 or even $8.05 becomes a realistic scenario in the weeks ahead.
Read more: SUI Approaches $4.80 Resistance After Bullish Breakout: Is a Rally Imminent?
