SUI is attempting to reclaim a crucial resistance level after its massive performance over the past few weeks. As it breaks out of a triangle formation, some analysts suggest that a rally to a new all-time high (ATH) could be around the corner.<\/p>\n
On Tuesday, SUI broke above the $4.00 resistance for the first time since May, hitting a two-month high of $4.10. The altcoin has seen an 81% surge over the past three weeks, recovering from the June retracement and setting up for a rally continuation.<\/p>\n
Notably, SUI ended its multi-month downtrend at the end of March, breaking<\/a> above its descending resistance and jumping to its $4.29 high in May.\u00a0Following the Q2 breakout, the cryptocurrency has been trading within the $2.33-$4.10 range.<\/p>\n However, last month\u2019s market pullback sent the token\u00a0from its key $3.00 mid-range support to its three-month low of $2.22 before<\/a> the recent recovery. Since then, SUI has reclaimed the mid-range area and skyrocketed toward the range high as Bitcoin\u2019s (BTC) ATH rally leads the market.<\/p>\n Over the past 24 hours, SUI has soared nearly 15% from the $3.50 support toward the $4.00 resistance, breaking out of a triangle formation and potentially setting the stage for a massive breakout.<\/p>\n Analyst Ali Martinez affirmed<\/a> that the altcoin\u2019s bullish price action could push its price to a new ATH as it has broken out of a multi-month symmetrical triangle pattern over the past few days and attempts to turn the next key level into support.<\/p>\n According to the market watcher, SUI finally broke above the descending resistance after reclaiming the $3.50 area on Monday and could target a 140% move to the $7.60 area if there\u2019s a spike in buying pressure.<\/p>\n Similarly, analyst Nebraskangooner highlighted that reclaiming the $4.00 resistance will propel the cryptocurrency to a new ATH. This level has been a crucial support since the Q3 2024 rally and a key resistance area after the early 2025 pullbacks.<\/p>\n Crypto Bullet noted that SUI has entered<\/a> its Wave 3, which eyes a double-digit target for the cryptocurrency. The analyst previously explained that the altcoin had a \u201cclear 1-5 impulse off the April\u2019s low \u2013 higher degree Wave (1),\u201d before entering the corrective Wave 2 between late May and Early June.<\/p>\n However, \u201cWave 2 took longer and went deeper than expected (obviously due to the situation in the Middle East).\u201d After the recent breakout, SUI has entered the long-awaited Wave 3, with a 51% increase so far, and a target above the $10 mark, the analyst detailed.<\/p>\n Additionally, he pointed<\/a> to SUI\u2019s trading pair against Solana (SOL), as the weekly chart \u201cLooks like a breakout is imminent.\u201d The altcoin is currently retesting a crucial resistance level against SOL, which could lead to a breakout to the 0.0470 area. \u201cIn the coming weeks, SUI will just crush Solana,\u201d Crypto Bullet forecasted.<\/p>\n Meanwhile, Crypto Kaleo affirmed that the cryptocurrency has continued its bounce on its trading pair against BTC. At the start of the month, the analyst highlighted<\/a> that SUI had bounced from its BTC and USD pairs, becoming one of the leading altcoins.<\/p>\nIs A Double-Digit Rally Coming?<\/h2>\n