TL;DR

Symmetrical triangle breakout at $4.30 puts $8 target in focus, supported by rising momentum. Cup and handle pattern confirms bullish setup, with $4.15 now acting as strong support. Trading volume and open interest both surge, reflecting increased participation in the current rally.

Breakout Pattern Signals $8 Potential

Sui (SUI) has shown strong movement over the past week, pushing above key resistance levels after weeks of steady gains. Analysts indicate the new breakout on the daily chart may be the beginning of a major breakout, and prices are now getting close to $8.

Market analyst Ali Martinez noted that SUI has broken out of a symmetrical triangle pattern, which had been forming since early 2024. This configuration, characterized by decreasing highs and lows, is a hallmark of compression followed by a breakout.

$SUI appears to have broken out of a symmetrical triangle on the daily chart, targeting $8! pic.twitter.com/0LNaniCDm8

Interestingly, the breakout occurred at around the $4.30 level, which is close to the 0.786 Fibonacci retracement of the last swing high. Key Fibonacci levels, including $5.29, $6.96, and $8.05, are now used as a reference point in case buying pressure persists.

Cup and Handle Formation Adds to Bullish Case

Another well-known chart pattern is now visible. Analyst Robert Mercer called attention to a classic Cup and Handle structure on the 12-hour chart. The cup formed over a two-month period, showing a gradual recovery and bottom formation.

The handle formed during a short pause in price action before SUI moved above $4.15. That level had acted as resistance in earlier sessions and is now functioning as support. Since the breakout, the price has moved higher and crossed several key resistance zones.

Trading Volume and Open Interest Strengthen Momentum

CoinGlass data shows that SUI’s 24-hour trading volume has risen to over $7.5 billion, up 19.7%. Open interest is also higher, climbing 12% to $2.73 billion. This points to a rise in trader activity around the recent move.

Meanwhile, the Long/Short Ratio stands at 1.04, with long positions at 50.98% and short positions at 49.02%. This reflects a slight advantage for longs, in line with the upward price action seen on the daily and 12-hour charts.

Source: Coinglass SUI is now trading above $4.26 and approaching the $5.29 level from a previous high. If the price remains above the area of the breakout, the next areas of interest are those between 6.96 and 8.05. These levels coincide with Fibonacci extensions as well as the target of the triangle breakout.