After its breakout, SUI has been consolidating within a key range and has faced momentary resistance above the $4.00 level. Some analysts suggest that the cryptocurrency’s next target sits near the $5.00 mark, as it could be repeating its all-time high (ATH) rally.
SUI Party On Pause
SUI has seen an impressive 120% recovery from April’s $1.76 low, reclaiming the $2.00 and $3.00 barriers in the past few weeks. The cryptocurrency has surged 85% in the last month despite its recent token unlock, rallying to a fourth-month high of $4.29 last Monday.
However, SUI has retraced 10% from last week’s high, hovering between the $3.60-$4.10 price range. Trader Froggy pointed out that the cryptocurrency is approaching the significant $4.00 resistance, which it has been unable to hold for seven days.
Breaking above this level “will set the stage for a strong move up,” he explained, adding, “This could be the trigger that breaks the range and opens up the next leg higher.”
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