After a sluggish start to the year, the crypto market is finally finding its footing, with Ethereum making notable gains.
Ethereum and Sui Surge
Ethereum (ETH), the second-largest cryptocurrency, has surged over 59% in the past month, reclaiming the $2,600 mark — its highest level in months. This positive momentum has sparked optimism around altcoins, with Sui (SUI) standing out by rallying more than 79% this month; however, a recent dip has brought its price back to a key level.
Sui Technical Analysis
Crypto analyst @JohncyCrypto has highlighted on the daily chart that SUI recently broke out from an inverse head and shoulders pattern — a well-known bullish reversal setup. The left shoulder formed in early February, the head bottomed in April, and the right shoulder took shape in early May. SUI confirmed the pattern by breaking above the neckline near $3.75, followed by a sharp rally to $4.29, which caught the attention of many traders. However, SUI saw a healthy correction, pulling back more than 10%, and is now retesting that same breakout zone.
Future of Sui and the Crypto Market
This current retest is a crucial moment for Sui. If buyers defend the neckline zone and volume picks up, SUI could see a renewed push toward its all-time high of $5.36, representing a potential 39% upside from current levels. A successful bounce here would confirm the bullish reversal and set the tone for a broader altcoin rally. However, much depends on whether Ethereum, currently leading the pack, can maintain its upward momentum.
The crypto market shows optimism amid the growth of Ethereum and Sui. Current events play a vital role in shaping the future dynamics of the market.
