The cryptocurrency market is starting the new month on a steady note, with Bitcoin (BTC) and Ethereum (ETH) both trading in green. Some altcoins are following the positive sentiment — including the Layer-1 token Sui (SUI), which is showing fresh signs of recovery after recent declines.
SUI is trading in the green today with modest gains, but more importantly, its chart is displaying a key bullish setup that hints at a potential breakout in the coming sessions.
Descending Broadening Wedge Pattern in Play
On the 2-hour chart, SUI has been trading within a descending broadening wedge — a bullish technical pattern that often forms during corrective downtrends and suggests a potential reversal once price breaks upward.
During the recent pullback, SUI briefly dipped to test its lower boundary support near $2.20, where buyers quickly stepped in to defend the level. Since then, the token has started to rebound, climbing toward $2.38 as buying momentum picks up.
The price now hovers close to the upper boundary of the wedge, where the range has tightened — a condition that frequently precedes sharp breakout moves.
What’s Next for SUI?
If bulls manage to push SUI above the upper wedge trendline and reclaim the 100 MA, it could open the door for a strong upside move — with a technical breakout target around $2.97, representing a 23% potential upside from current prices.
However, if the breakout attempt faces rejection, SUI could remain in a short-term consolidation phase, with $2.30 serving as a crucial support area to monitor before another potential rebound attempt.
For now, the overall technical structure looks promising. With the broader market showing renewed strength, SUI could soon join the list of altcoins leading the next wave of bullish momentum.