Can SUI Stage $2.91 Breakout as Network Activity Surges?

Bullish momentum is building in SUI as the price targets a breakout at $2.35. Can strong network growth and stablecoin activities support a rally toward $2.91? As Bitcoin encounters a minor roadblock in its recent bullish turnaround, altcoins are experiencing a similar slight slowdown. However, amidst these conditions, the SUI token shows signs of a bullish reversal, testing a falling wedge pattern but struggling to maintain momentum. The SUI token is currently trading at $2.16, reflecting a 2.60% intraday recovery. Will this lead to a breakout above the psychological resistance level of $3? SUI Price Analysis Suggests $2.35 Breakout On the daily chart, the SUI price trend shows a failure to surpass the 50% Fibonacci level near the $3 mark. The price retraced to test the previously broken resistance-turned-support trend line of the falling wedge pattern. After a lower price rejection, SUI’s price is now attempting a bullish comeback, eyeing the 61.80% Fibonacci retracement level at $2.3514. With an intraday recovery of 2.60%, SUI gradually gains bullish momentum. The post-retest reversal is also reflected in the MACD and signal lines, which show a bullish crossover.

SUI Network Growth Lays the Foundation for the Next Bull Run In Q1 2025, Bitcoin finance on the SUI network significantly increased. Liquid staking via Lombard's LBTC has helped boost the network's BTC assets. Notably, 10% of SUI’s total value locked (TVL) comprises BTC assets, including WBTC, LBTC, and STBTC. However, after peaking strongly, the TVL has taken a noticeable dip. According to a tweet by SUI, the Q1 average TVL stands at $1.51 billion, with a peak of $2.08 billion. The volume has increased by 4.47% quarter-to-quarter, reaching $25.5 billion. https://twitter.com/SuiNetwork/status/1910411363744440445 Moreover, the stablecoin supply on the SUI network has surged. The supply of stablecoins on SUI has recently surpassed that of Optimism. Currently, the stablecoin supply on SUI stands at $721 million, compared to Optimism’s $684 million. https://twitter.com/Torero_Romero/status/1910317680474652701/ Conclusion Based on the Fibonacci levels and the improving SUI network, bulls will likely push SUI past the 61.80% retracement level at $2.35. This could set the stage for a rally toward the 50% Fibonacci level at approximately $2.91. On the downside, crucial support for SUI remains at the 78.60% level, near $1.55.