Crypto analyst Astekz suggests SUI's price may reflect a consolidation pattern before rising to $4.
Current Price Movement and Consolidation Phase of SUI
The SUI chart reveals an upward trend leading to a current consolidation phase. Following a strong rally, SUI saw increased buying interest, significantly pushing the price upwards. However, after reaching its recent high, the cryptocurrency entered sideways movement defined as a 'chop phase' by Astekz.
Key Resistance and Support Levels
The chart identifies two crucial levels during the consolidation. At the top, a resistance zone around $3.70–$3.80 sees active sellers. Meanwhile, a range of $3.30–$3.40 finds support from buyers. There is a potential for SUI price to break through these levels.
Potential Scenarios for SUI’s Price Action
Astekz anticipates SUI may replicate past patterns leading to a breakout. A bullish scenario sees SUI breaking above the $3.80 resistance, potentially triggering a rally towards $4. Rising RSI and trading volume could support a breakout.
The analysis and Astekz’s tweet highlight a cautiously optimistic outlook for SUI, targeting $4 if the current consolidation phase resolves positively.
