After a prolonged downtrend, the SUI price has finally broken out of a descending channel, showing a sharp rise. However, after reaching a local high, the momentum seems to cool down, raising questions about the future.
Breakout of the Descending Channel
The SUI price had been trapped in a falling channel for weeks, consistently creating lower highs and lower lows. Recently, however, SUI broke out of this channel, demonstrating a sharp increase of 18% after the breakout, reaching a high of $3.57.
Correction and Support Levels
At the time of writing, the SUI price is around $3.35 and showing signs of a short-term correction. The quick rally has lost steam, and traders are now watching to see where it might find support. If the price falls further, $3.0 could be a key level to watch, acting as a support level from the previous breakout zone.
Future Growth Expectations for SUI
Some analysts note that SUI has outperformed major chains like Ethereum, Solana, and Cardano in speed, cost, and scalability. There are opinions that the current correction may be temporary, and if buyers step in around the $3.0 level, SUI could attempt to breakout above $3.57.
The current situation around the SUI price is intriguing, and despite possible bearish signals, there is hope for recovery and further growth. Monitoring key support levels will be crucial for the upcoming movement of SUI.
