SUI, the Sui Network\u2019s native token, is retesting a key support level after surging near the $2.40 mark. As the cryptocurrency attempts to hold its current range, some analysts suggest that a breakout is imminent for the token\u2019s price.<\/p>\n
On Monday, SUI saw its price surge 7% near a key resistance level, fueling bullish sentiment among investors. The cryptocurrency has been one of the leading tokens of the cycle, outperforming most of the market during the 2024 pullbacks.<\/p>\n
Nonetheless, the cryptocurrency has shredded<\/a> over 57% of its gains in the past few months, falling from its $5.31 January all-time high (ATH) to the $2.20 range. After losing the $4 support zone, SUI has hovered between the $2.1-$3.5 zone, briefly falling below $2 last Tuesday.<\/p>\n Since reaching its 4-month low, SUI has recovered 7.8% in the weekly timeframe, climbing to $2.37 today. According to analyst Ted Pillows, its recent price action has completed<\/a> an inverse head and shoulder pattern, with the price potentially moving toward the $2.45 breakout level.<\/p>\n A sustained surge above this level could send the token to retest the recently lost $2.6 support. To the analyst, \u201ca big breakout is just a matter of time,\u201d as institutions are taking interest in the token.<\/p>\n Notably, Canary Capital filed<\/a> a Form S-1 for an SUI spot exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC) on March 17, fueling yesterday\u2019s 7% rally.<\/p>\n This move follows Canary\u2019s March 6 filing to register a trust for an SUI-based fund in Delaware. On the same day, Sui announced<\/a> it had partnered with World Liberty Financial (WLFI), the US President Donald Trump\u2019s crypto venture, to include the token in its \u201cMacro Strategy\u201d token reserve.<\/p>\n Crypto analyst Ali Martinez suggested<\/a> that the token is ready for a 15% move. In an X post, he highlighted a one-week ascending triangle pattern forming in SUI\u2019s chart, with the ascending support line currently at the $2.26 mark and $2.40 set as a crucial resistance level.<\/p>\n According to the analyst, the 15% move\u2019s direction will be determined by a close above the resistance line, which would send the price to the $2.80 price range, or a close below the support level, which could see the cryptocurrency plunge to $1.90.<\/p>\n Since hitting its daily high of $2.37, SUI has retraced<\/a> to the pattern\u2019s support level, briefly falling to $2.22 before bouncing back above the ascending line. Despite the small recovery, the token has struggled to hold above the crucial level, hovering between $2.23-$2.26 throughout Tuesday morning.<\/p>\n$2.26 Retest: Breakout Or Breakdown?<\/h2>\n