SUI Crypto Price Mirror Solana’s 2021 Surge?

Key Insights:

• SUI crypto price targets $5.40 after breaking key $3.80 resistance, signaling bullish momentum.
• SUI fractal mirrors SOL’s 2021 breakout, indicating potential for massive upside if the trend continues.
• SUI uptrend confirms structural support above $3.80, setting the stage for higher price levels.

SUI price is targeting $5.40 after breaking a crucial $3.80 resistance, indicating bullish momentum. If the trend persists, SUI fractal resembles the Solana 2021 breakout, meaning massive upside potential. The altcoin uptrend confirmed structural support above $3.80, setting the stage for higher price levels.

SUI Crypto Price Breaks Key Resistance, Targets $5.40

SUI price recently broke out from a key resistance level at $3.80, a major psychological barrier that has held back the coin’s upward movement in the past. This breakout is a decisive turning point for this token, representing a possible change in market sentiment. The move above this level was met by increased trading volume, pointing to an increase in investor interest and buying pressure.

Notably, Crypto analyst Ali Martinez pointed out that the next critical resistance for SUI is at $5.40. This resistance zone is aligned with the previous price action, so it will be a major obstacle to the rallying of the token.

If SUI can sustain its recent gains and maintain support above $3.80, it may attract further buying momentum, potentially setting the stage for a more significant upward move.

Fractal Pattern Points to Major Upside Potential

More so, analyst Kaleo has drawn a parallel between the current SUI price structure and Solana’s explosive rally in the 2020-2021 cycle, suggesting a potentially massive upside for SUI if the pattern holds. Solana rallied from under $20 to over $200 in a few months, propelled by a mixture of good technical setups, increased interest from institutions, and increasing DeFi use cases.

If SUI takes this route, it might make some notable gains soon.

In addition, the comparison based on the fractals indicated similar base formation and breakout patterns, showing that SUI price may be on the verge of a big rally. This technical pattern, if it continues to play out, could potentially push SUI price toward significantly higher levels. This makes the $5.40 resistance a critical test for the emerging layer-1 blockchain.

SUI Price On-Chain and Technical Signals Support Bullish Case

On the on-chain metrics, SUI derivatives data revealed strong bullish sentiments, with volume increasing by 8.36% to 5.58 billion, and open interest rising by 1.72% to $ 1.89 billion. The long/short ratio on Binance 1.6042 showed more long positions, while top traders have increased the long bias by 2.348.

Despite this, recent liquidations show short positions suffered significantly, with 12-hour liquidations totaling $2.06 million. This included $839.79K in short losses, reflecting ongoing bullish pressure in the market.

Moreover, the SUI OI-weighted funding rate chart showed a significant change in sentiment, with SUI price rising from $2.00 to above $4.00 in early May. Positive funding rates are bullish leverage, a sign of expanding long interest. This shift aligned with increased open interest, suggesting traders anticipate further upside.

Besides, the steady green bars since late April suggest that there has been sustained long positioning, adding to the bullish momentum. However, a sudden drop in funding rates may indicate opportunities for profit-taking or short-term price corrections.

On the technical indicators, the 1-day Moving Average Convergence Divergence (MACD) showed a bullish crossover as the MACD line (0.3454) rose above the signal line (0.3236). This positive divergence indicated strong upward momentum, supported by a green histogram, reflecting increasing buying pressure.

If this trend continues, it could drive further gains as long as the MACD remains in positive territory.

Additionally, the Bull Bear Power (BBP) indicator for SUI was 0.3996, showing a strong bullish bias. Positive BBP values indicate that buyers are in control, pushing prices higher. This aligned with the recent price surge above $3.80, signaling sustained bullish sentiment. A continued rise in this metric could confirm further upside for SUI.

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