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$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.