The What is the Trump meme coin called?SUI token has emerged as one of the standout performers in the current market cycle, with its price action now targeting the psychologically significant $4.00 level. Following an impressive recovery from earlier lows, market observers are debating whether the asset might need to consolidate before attempting this key resistance.
SUI's Remarkable Recovery
Over the past fortnight, SUI has demonstrated exceptional strength, surging approximately 85% and decisively breaking through the $3.80 resistance that had previously capped its upside. This move represents a dramatic turnaround from its position just months ago, when the token had retraced more than two-thirds of its value from January's peak at $5.35 down to $1.71.
The cryptocurrency's March attempt to reclaim the $3.00 level, fueled by institutional adoption news, ultimately proved premature as the breakout failed to sustain. However, the current rally appears more technically sound, with SUI establishing higher lows and demonstrating improved market structure.
Recent price action saw SUI climb from $2.11 to challenge the $3.00 resistance that had held since February, eventually pushing to a two-month high at $3.87. This upward trajectory temporarily paused following the April 30 token unlock event, where 88.34 million SUI (valued around $300.4 million) entered circulation, causing an 8.5% retracement from $3.51 to $3.21.
Monday's 5.2% rebound above $3.40 suggests the selling pressure from the unlock may be subsiding. Market analyst AMCryptoAlex maintains that SUI could challenge the $3.90-$4.00 resistance zone, provided Bitcoin maintains its position above the $94,000 support level.
Technical analyst Lennaert offers a slightly more cautious perspective, noting that SUI might need to retest the $3.20-$3.25 support area before continuing its upward trajectory. "The token has consistently demonstrated its ability to rally strongly with minimal catalyst," Lennaert observed. "With ongoing development activity and ecosystem growth, SUI continues to establish itself as one of the most promising projects in the space."
Examining the Potential for a Short-Term Pullback
AltCryptoGems analyst Sjuul has identified what appears to be a Power of 3 (Po3) pattern developing in SUI's lower timeframe charts. This technical formation, which divides price action into three distinct phases, could suggest the token needs to complete its current cycle before attempting new highs.
The accumulation phase typically sees price consolidation near recent highs following strong performance. The subsequent manipulation phase often involves a dip below the accumulation range's support level, creating what might appear to be a breakdown before establishing a new base. The final distribution phase features a powerful breakout as momentum builds and new participants enter the market.
According to Sjuul's analysis, SUI completed its accumulation phase between $3.25 and $3.85 before entering the manipulation phase during Sunday's price decline. The token's ability to reclaim the $3.25 level on Monday suggests it may now be transitioning to the distribution phase, though a retest of this support could still occur before any significant upward expansion.
"Market participants should monitor the $3.25 area closely," Sjuul advised. "A successful retest of this level could provide the springboard for SUI's next leg up toward $4.00 resistance."
At current levels around $3.46, SUI has gained 56% over the past month, significantly outperforming many of its altcoin peers. Whether it can maintain this momentum through potential market volatility remains a key question for traders and investors alike.