SUI, the native token of the Sui network, is demonstrating resilience with its price holding above critical support zones, sparking optimism among analysts for a potential rally to new all-time highs.
Technical analysis reveals that SUI is trading around $2.70, having experienced a 20% weekly decline, but it remains above key support levels between $2.50 and $2.70. On the weekly chart, SUI has formed a series of higher lows, indicating sustained buyer interest during dips, and is supported by an ascending trendline that has acted as solid support multiple times.
Analyst Cypher highlighted that the structure remains bullish, stating, "Builders are building. Liquidity is flowing," while LLucianoBTC pointed to a recurring pattern of downtrend, breakout, consolidation, and further breakout on the daily chart, each cycle leading to higher highs. Michaël van de Poppe noted that resistance at $4.20 is weakening, and a breakout above this level with volume could trigger a run toward $5.30 to $5.50, potentially setting a new all-time high.
Fundamental developments bolster this outlook, including the launch of a Grayscale SUI Trust, which signals growing institutional confidence. The total value locked (TVL) for stablecoins and Bitcoin on Sui has been rising, and Bluefin DEX achieved a record trading volume in October. Additionally, a partnership with Figure Technology introduced the YLDS token to the network, backed by short-term Treasurys and repo agreements.
However, Lark Davis cautioned that a recent breakdown from an ascending triangle could lead to further downside if SUI fails to reclaim the trendline, but a successful re-entry would resume the bullish setup. Overall, the combination of price stability, ecosystem expansion, and strong accumulation phases suggests SUI is well-positioned for significant upward movement if support holds.
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