SUI holds firm at $2 as wedge breakout nears. Traders eye a bullish reversal toward $3 amid rising stablecoin supply and Greek partnership news.
As Bitcoin fluctuates near the $84,000 mark, altcoins like SUI struggle to regain bullish momentum. Currently, the SUI token trades at a market price of $2.0921, struggling to hold ground over the $2 psychological level.
Despite the SUI network witnessing a record-high stablecoin supply and an optimistic outlook from analysts, the altcoin is down 7.38% this month. Will the prevailing downtrend continue toward the $1.68 support level?
SUI Price Holds Above $2, Nearing Potential Breakout
On the daily chart, the SUI token’s price action reveals a wedge pattern at play. Within this declining pattern, the bearish trend in SUI accounts for a pullback of nearly 60%.
Furthermore, the price has dropped below the 38.20% Fibonacci retracement level at $2.20. In late January, the decline also breached the bullish line of the super trend indicator, triggering a bearish trend.
Currently, the super trend indicator’s bearish line remains at $2.6593. To restore a new bullish trend, the price must exceed $2.65.
At press time, SUI is holding above the $2.00 psychological level despite a bearish reversal from the overhead resistance trendline. After forming four consecutive bearish candles, accounting for a price drop of 12.43%, SUI has created a minor bullish candle.
With an intraday recovery of 2%, bulls aim to rechallenge the overhead trendline. As the SUI price approaches the apex of the wedge pattern, traders are anticipating a high-momentum rally on either side.
The daily RSI line hints at a potential bullish recovery, as it bounces back toward the midpoint after hovering above the oversold boundary. Based on the Fibonacci levels, a potential breakout could reclaim the $3.00 psychological level at the 23.60% Fibonacci retracement. On the downside, the key support remains at the 50% Fibonacci level at $1.68.
SUI Gets Major Partnership in Greece
The potential for a bullish comeback in SUI is further supported by the recent partnership in Greece. Greece’s National Stock Exchange has teamed up with the SUI blockchain to deliver a fully on-chain fundraising platform.
This partnership, built on the SUI blockchain, is a key milestone in its roadmap.
Real-world finance meets next-gen blockchain. Greece’s national stock exchange, @ATHEX_Group — is going onchain with Sui.@Mysten_Labs and ATHEX are building a ZK-powered fundraising platform that enhances privacy and speed in traditional capital markets. pic.twitter.com/sFo3dutB4V
— Sui (@SuiNetwork) April 16, 2025
Further Support for SUI Price Growth
Additionally, the SUI network’s stablecoin supply has reached a new all-time high. According to a recent tweet by Torero Romero, the SUI stablecoin supply has reached $746.81 million, reflecting a year-to-date change of 99.82%. With increased liquidity on the SUI blockchain, network activity could see a surge.
$SUI hits new all-time high in stablecoin supply, up 99.82% in 2025 (YTD) pic.twitter.com/JWap9qgKVg
— ToreroRomero (@Torero_Romero) April 16, 2025
Furthermore, analyst CryptoWZRD signals a potential 560% surge for SUI. The analyst highlights that SUI mirrors the BTC price trend and aims for a falling wedge breakout rally. Based on this analysis, a surge beyond the $2.90 mark could push SUI prices to $5.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
