SUI drops 5% to $3.84 as a rising wedge pattern forms. Will it break down to $3.13 or rally to $5.40 following Phantom Wallet’s integration of the SUI token?
As Bitcoin’s rally loses momentum, altcoins like SUI are experiencing a pullback. SUI is down nearly 5% in the past 24 hours. Currently, SUI is trading at $3.84, with a market capitalization of $13 billion.
SUI’s price is fluctuating near the psychological $4 mark, showing a bullish struggle to stay above this key level. However, technical indicators warn of a possible minor pullback toward $3.13. Should you consider holding SUI under these conditions?
SUI Price Analysis Warns Wedge Breakdown
The price of SUI has surged 85%, from a low of $2.10 on April 20 to its current price of $3.99. This bullish trend has established a crucial support trendline.
However, the ongoing struggle to form higher highs has created a resistance trendline. Together, these converging lines form a rising wedge pattern on the 4-hour chart.
At present, SUI is finding support at the 50-EMA and the $3.81 level, which lies near the wedge’s lower boundary. With a 2.36% surge in the past hour, SUI is attempting to rebound and challenge the overhead resistance trendline.
That said, weakening momentum, as highlighted by a falling RSI, raises concerns about a potential bullish failure. Additionally, a bearish divergence in the RSI increases the likelihood of a breakdown.
If SUI fails to stay above the $3.81 support level and breaks below the wedge, the price could drop toward the 200-EMA at $3.22, close to the key support level of $3.13.
Conversely, a bullish breakout above the upper trendline would invalidate the bearish outlook and push SUI toward the $5 mark, an upside potential of nearly 30% from current levels.
Analyst Sees Strong Uptrend for SUI
Despite short-term concerns about a minor pullback, analysts remain optimistic about SUI’s long-term potential. Crypto analyst Ali Martinez anticipates a bullish continuation, targeting the next major resistance at $5.40. He notes that there’s still significant room for growth.
$SUI looks primed for more upside, with the next major resistance at $5.40. Plenty of room to continue surging. pic.twitter.com/LSIQ0pHMqp
— Ali (@ali_charts) May 12, 2025
Phantom Wallet Integrates SUI Support
In recent developments, Phantom, a well-known crypto wallet for DeFi and NFTs, has added support for the SUI token. Users can now swap tokens between SUI, BASE, Ethereum, and Solana directly within the Phantom Wallet.
Additionally, Phantom provides access to multiple SUI network DApps and enables users to purchase SUI from within the wallet. This increased accessibility will likely boost demand and support SUI’s ongoing bullish momentum.
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.
