TLDR:
- SUI price holds firm at $3.20 support, confirming steady buyer demand.
- Ascending wedge pattern suggests a breakout target between $8 and $10.
- Trading volume exceeds $1.7B, indicating high market interest and momentum.
- Fibonacci levels at 0.618 and 1.618 mark critical support and resistance zones.
The price of Sui (SUI) has recently tested a key support level and bounced back, signaling potential upward momentum. Traders are closely watching as the token moves inside an ascending wedge pattern.
Analysts suggest a breakout could push SUI’s price toward the $8 to $10 range. Recent price action indicates buyers remain active near the $3.20 support line. Market watchers are waiting for confirmation to see if bullish momentum can sustain.
SUI Price Chart Shows Strong Support and Rising Wedge Pattern
The weekly chart for SUI against USDT reveals a clear support line around $3.20 that has been tested multiple times.
Each test has resulted in a bounce, suggesting steady demand at this price point. This support acts as a floor where buyers step in, preventing further downside. Meanwhile, resistance sits at the upper boundary of an ascending wedge, near the $8 to $10 level, marking the potential breakout zone.
Technical indicators like Fibonacci extensions reinforce this outlook. The price reacted to the 0.618 Fibonacci retracement level recently, which led to the latest bounce.
These retracement points serve as reference markers for traders to anticipate price moves. The presence of the 1.618 extension around $10 aligns with the resistance target, further supporting the idea of a surge if a breakout occurs.
CryptoBullet, a popular analyst on X, noted the wedge’s support test and bounce, emphasizing that the $8-$10 target remains valid.
$SUI Wedge update
So far so good! We tested the Support line once again and got a nice bounce.
I believe $SUI is going to accelerate to the upside soon 📈
🎯 $8-10 Target remains! https://t.co/WTYrtlN8wH pic.twitter.com/jLcWJbHsbU
— CryptoBullet (@CryptoBullet1) August 8, 2025
The wedge itself is a classic continuation pattern, implying that after some consolidation, the price could continue its prior upward trend. For now, SUI trades in the lower half of the wedge, but the upward pressure appears intact.
Market Activity and Price Trends Highlight Bullish Potential
SUI’s recent price moves reflect a pattern of higher lows and higher highs, typical in a bullish trend. This uptrend suggests buyers are gradually gaining control.
The critical support test and rebound provide a base for upward momentum. If SUI can break above the wedge resistance, it may trigger a more significant price rally.
Current price data from CoinGecko shows SUI trading at $3.85, up 3% in the last 24 hours and over 8% for the week. Trading volume remains robust, with more than $1.7 billion exchanged over 24 hours, indicating strong interest.
High volume combined with price stability near support often precedes a breakout move.
Analysts highlight the importance of the wedge resistance line. Holding above the support is just the first step; crossing resistance will confirm the next leg up.
The Fibonacci extension at 1.618, near $10, stands as a significant target. Investors and traders will likely watch for a decisive move above this range to validate the bullish thesis.
SUI sits at a crucial point. The recent bounce at support signals demand strength. If momentum builds, the path to $8 and beyond could open. For now, market participants remain alert for breakout confirmation.
