SUI Making ready For One other Leg Up

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After its breakout, SUI has been consolidating within a key range and has faced momentary resistance above the $4.00 level. Some analysts suggest that the cryptocurrency’s next target sits near the $5.00 mark, as it could be repeating its all-time high (ATH) rally.

Sup party on break

SUI has seen an impressive 120% recovery from April’s $1.76 low, reclaiming the $2.00 and $3.00 barriers in the past few weeks. The cryptocurrency has surged 85% in the last month despite its recent token unlock, rallying to a fourth-month high of $4.29 last Monday.

However, SUI has retraced 10% from last week’s high, hovering between the $3.60-$4.10 price range. Trader Froggy pointed out that the cryptocurrency is approaching the significant $4.00 resistance, which it has been unable to hold for seven days.

Breaking above this level “will set the stage for a strong move up,” he explained, adding, “This could be the trigger that breaks the range and opens up the next leg higher.”

SUI approaches key resistance level. Source: Froggy on X

Meanwhile, Rekt Capital recently highlighted that SUI has built a re-accumulation range, between $3.39 and $3.78, like it did in late 2024.

At the time, the cryptocurrency consolidated around this range’s upper boundary for weeks before Weekly Closing above this level and retesting it as support to confirm a breakout towards a new ATH.

This time, SUI closed above the $3.78 mark two weeks ago and confirmed it as support last Sunday after closing the week at $3.94, which could suggest that a breakout to a new high is coming.

SUI’s Rally To $5.00 Loading?

Sjuul from AltCryptoGems considers that SUI’s consolidation is loading the cryptocurrency’s next leg up, resembling its previous performance. According to the analyst, the altcoin is consolidating within a short-term bull flag and preparing for a breakout, like it did twice in the past month.

Similarly, AltCryptoTalk affirmed that SUI is “overall bullish” according to its recent all-time high (ATH) performance and advised investors not to let the recent pullback “fool” them, if it holds the $3.30 support.

SUI prepares for the third impulse wave. Source: AltCryptoTalk on X

The analyst noted that the cryptocurrency’s latest ATH breakout saw a four-stage rally, with an initial big impulse and correction, and three smaller impulses followed by corrections.

Based on this, SUI is likely preparing for the second smaller impulse, as it registered a bigger breakout in late April and a smaller rally in early May. However, he warned that the smaller impulse after a bigger one is “usually a sign of weakness.”