SUI holds firm at $2 as wedge breakout nears

This partnership, built on the SUI blockchain, is a key milestone in its roadmap.

The price of SUI has been struggling to regain bullish momentum as Bitcoin hovers in a limited range at the $84,000 mark. Despite a record-high stablecoin supply on the SUI network and an optimistic outlook from analysts, the altcoin has seen a monthly loss of 7.38% and currently trades at the $2.0921 mark.

As the prevailing downtrend continues, will SUI break above the wedge pattern and test the $3.00 psychological level? Or will the price action return to the 50% Fib support at $1.68?

As the apex of the wedge pattern comes into view, traders are bracing for a potential high-momentum move in either direction.

On the other hand, the daily RSI line shows signs of a bullish recovery as it bounces back from the oversold boundary and moves toward the midpoint.

A breakout above this resistance could have implications for a potential recovery toward the 23.60% Fib level at the $3.00 psychological mark. However, on the downside, the key support to watch is the 50% Fib level at $1.68.

Major Partnership for SUI in Greece

The potential for a bullish comeback in SUI is also supported by the recent partnership in Greece. Greece’s National Stock Exchange has teamed up with the SUI blockchain to deliver a fully on-chain fundraising platform.

This partnership, built on the SUI blockchain, is a key milestone in its roadmap.

Real-world finance meets next-gen blockchain. Greece’s national stock exchange, @ATHEX_Group — is going onchain with Sui.@Mysten_Labs and ATHEX are building a ZK-powered fundraising platform that enhances privacy and speed in traditional capital markets.https://t.co/7oPqM77x0f

— Sui (@SuiNetwork) April 16, 2025

The partnership will combine ATHEX’s expertise in capital markets with the SUI blockchain’s technology to create a platform that offers several advantages over traditional fundraising methods.

The platform will enable companies to raise capital more efficiently and cost-effectively, while investors will benefit from greater transparency and access to investment opportunities.

The partnership is part of Greece’s broader strategy to promote Web3 and blockchain technology.

The collaboration between ATHEX and SUI is a significant development in the integration of blockchain into the mainstream financial system. It is also a testament to the growing interest in and adoption of Layer-1 blockchains such as SUI.

Further Support for SUI Price Growth

Additionally, the SUI network’s stablecoin supply has reached a new all-time high. According to Torero Romero, the SUI stablecoin supply has reached $746.81 million, reflecting a year-to-date change of 99.82%.

With increased liquidity on the SUI blockchain, network activity could see a surge.

$SUI hits new all-time high in stablecoin supply, up 99.82% in 2025 (YTD) pic.twitter.com/JWap9qgKVg

— ToreroRomero (@Torero_Romero) April 16, 2025

Moreover, analyst CryptoWZRD signals a potential 560% surge for SUI. The analyst highlights that SUI mirrors the BTC price trend and aims for a falling wedge breakout rally. Based on this analysis, a surge beyond the $2.90 mark could push SUI prices to $5.