Crypto trader Degen Hardy has identified a technical setup for SUI, suggesting the digital asset could be on the verge of a price surge. The analysis, based on the 4-hour timeframe, reveals a falling wedge pattern that could spark renewed momentum.
The current price action shows SUI trading within a narrowing range of converging downward-sloping trendlines, forming what Hardy describes as a classic falling wedge pattern.
This formation is widely recognized as a bullish reversal signal among technical analysts. As Hardy notes, “I am long and strong on this falling wedge pattern,” expressing confidence in the setup’s potential.
What you'll learn 👉
Critical Price Levels to Watch
The digital asset is currently testing a crucial support level around $3.13, which has previously demonstrated strong buying interest.
Hardy’s analysis suggests that a successful breakout could drive prices toward an ambitious target of $6.00, representing a potential 86.22% gain from current levels.
Condition for SUI Price Breakout
“Think we could get a breakout from this bullish pattern this week,” Hardy predicts, emphasizing that Bitcoin’s stability is crucial for this scenario to unfold.
As he explains, “As long as Bitcoin remains sideways, strong alts will move.” This observation highlights the importance of broader market conditions in supporting SUI’s potential rally.
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While the setup appears promising, traders should remain mindful of key factors that could influence the outcome. Market participants should watch Bitcoin’s behavior, as any significant downward movement could impact SUI’s prospects.
If the breakout materializes as Hardy anticipates, the path to $6.00 could open up, offering substantial returns for positioned traders. However, as with any technical setup, the possibility of a fakeout exists, particularly if the breakout lacks strong momentum or faces rejection at resistance levels.
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