SUI Poised For Price Rally? Ascending Channel Suggests Move Toward $2.50
SUI experienced a 2.48% loss over the past week, remaining in consolidation with no clear breakout signals. Analyst Ali Martinez identified potential for short-term gains, noting SUI's movement within an ascending channel since March 11. The key support level is $2.26; maintaining this level could lead to a rise towards $2.50, the upper trendline of the channel. A strong market demand might push SUI to $3.00, while a drop below $2.26 could see prices fall to $1.75. The SUI community is optimistic following Canary Capital's application for a SUI spot ETF with the SEC, which could attract institutional investment. Currently, SUI trades at $2.28, with a 0.84% daily gain but a 31.69% decline in trading volume. Despite a 30.21% monthly drop, analysts view the current downtrend as a potential buying opportunity, recalling SUI's previous all-time high of $5.35 established earlier this year.
