SUI Breaks Key Triangle Pattern, Analysts Target $7-$9 Amid ETF Review and Soaring DEX Volume

yesterday / 00:51

Sui (SUI) has broken out of a long-standing descending triangle pattern, triggering bullish momentum with analysts projecting targets of $7-$9. The breakout occurred near $3.90 resistance, pushing prices to $3.95 as technical indicators signal upside potential. Fibonacci extensions identify key resistance levels at $4.20 (0.786 retracement), $5.36, $7.30, and $8.58, with the pattern mirroring historical continuation rallies where breakouts precede significant expansions.

Fundamental catalysts include the SEC's formal review of Canary Capital's proposed spot SUI ETF, announced July 23, 2025, which initially propelled prices 53% to $4.38. Despite a pullback to $3.62, on-chain data reveals $10.3 billion in DEX volume for July 2025 – a 657.85% year-over-year surge – signaling robust network adoption. Exchange outflows hit $8.74 million, indicating accumulation and reduced sell pressure.

Technical signals remain mixed: RSI at 52.91 shows neutrality, while MACD (-0.0237) reflects short-term bearish momentum. Critical resistance sits at $4.25, with support at $3.56 (recently defended by buyers), $2.80, and $2.29. Analysts Ali and Mr. APE emphasize that holding above $3.90 is vital for continuation, noting that reclaiming $4.00 could trigger moves toward $4.80 and beyond. Despite bearish sentiment metrics (-0.934 weighted sentiment), the convergence of technicals, ETF prospects, and on-chain growth strengthens the bullish case.