SUI breaks through resistance at $4.30...Analysts point to potential $8 hit

With SUI recently breaking out above a key resistance level of $4.30, signalling bullishness, some analysts are predicting that the price could rise to as much as $8.
According to CryptoPotato on the 28th (local time), market analyst Ali Martinez said, "SUI is a symmetrical triangle putter that has been in the works since early 2024.
A symmetrical triangle is a typical technical pattern that leads to a strong directional breakout after passing through a compression zone where the high and low prices gradually narrow.
This suggests that the bullish trend is expanding. In particular, the breakout occurred at the $4.30 level, which coincides with the 0.786 Fib retracement level of the previous high.
This is considered a technically important point. As a result, the key upside targets based on the Fibonacci extensions in the future are $5.29, $6.96, and $8.05.
"The 12-hour chart shows a cup and handle pattern," analyst Robert Mercer said.
"The (Handle) pattern has been completed," he said, emphasizing that this is also a strong upward signal. The cup portion has been in a bottom-consolidating process for about two months.
After a brief correction, the handle completed a breakout above $4.15. The previous resistance level of $4.15 is now acting as support and a base for the uptrend.
Trading volume and open interest metrics are also driving the rally. According to data from CoinGlass, SUI's 2
Four-hour trading volume rose 19.7% from the previous day to $7.5 billion, and open contracts also increased 12% to $2.73 billion. This is due to investor interest and capital inflows following the recent breakthrough.
The long/short ratio is 1.04, with 50.98% long positions and 49.02% short positions, indicating a slightly bullish sentiment.
Currently, SUI is above $4.26 and approaching the next resistance at $5.29. If the price can consolidate above the current breakout zone, it could rise to $6.96-8.
A further rally to the $0.05 zone is possible, which is also the point where the Fibonacci extension and the breakout target of the symmetrical triangle coincide.
If the SUI maintains this upward trend, it is likely to remain at an 8-dollar level even after a short-term correction, backed by strong momentum and technical fundamentals.
Expectations are rising in the market that attempts to break through the threshold are likely to become a reality.