The cryptocurrency market has experienced a cooling off period following an energetic start to the week. Bitcoin (BTC) briefly surpassed the $111K mark before retreating towards $108K. Ethereum (ETH) also saw a decline of over 4%, influenced by renewed tariff concerns, which in turn impacted major altcoins, including Sui (SUI).
Sui's layer-one token has seen a dip of over 5% today. However, an analysis of its current price structure reveals a notable resemblance to a bullish fractal pattern that Solana (SOL) exhibited shortly before its significant breakout in late 2024. This suggests a potential for history to repeat itself for SUI.
Fractal Setup Hints at a Bullish Breakout
The price action of SUI over the past few months closely mirrors Solana's consolidation phase in late 2024. At that time, SOL was trading within a descending triangle pattern. It repeatedly tested its base support zone while remaining below the 200-day moving average.
This pattern eventually resolved with a reclaim of the 200-day moving average and a breakout from the triangle, which subsequently triggered a substantial 46% rally. This rally effectively shifted market sentiment from bearish to bullish.
Currently, SUI appears to be following a similar trajectory. The token has also formed a descending triangle structure and is testing a critical support range situated between $2.26 and $2.50. This level is showing early indications of buyer resilience.
What's Next for SUI?
If SUI continues to emulate SOL's previous fractal behavior, the current price zone could represent an accumulation phase preceding a larger upward movement. A sustained hold above this support area may lead to a retest of the 200-day moving average, which is currently located near $3.29.
A successful reclaim of this moving average would reinforce the bullish outlook. This could set the stage for SUI to break above its descending resistance trendline. A confirmed breakout from this trendline might initiate a rally towards the $6.80–$7.00 region, mirroring the significant surge SOL experienced after its breakout.
However, it is important for traders to maintain caution. Fractals provide clues based on historical symmetry rather than guaranteed outcomes. Factors such as evolving market conditions, shifts in sentiment, and broader macroeconomic developments could influence SUI's short-term trajectory.