SUI Token (SUI) Price Targets a Breakout at $2.35 as Bullish Momentum Builds

As Bitcoin encounters a minor roadblock in its recent bullish turnaround, altcoins are experiencing a similar slight slowdown.

As Bitcoin faces a minor hurdle in its recent bullish turnaround and altcoins experience a slight slowdown, the SUI token is showing signs of a bullish reversal.

The SUI token price is testing a falling wedge pattern but has struggled to maintain momentum.

Currently, the SUI token is trading at $2.16, reflecting a 2.60% recovery in the past 24 hours. Can this lead to a breakout above the psychological resistance level of $3?

SUI Price Analysis: Testing Fib Level, Aiming for Breakout

On the daily chart, the SUI price trend shows a failure to surpass the 50% Fibonacci level, which is located near the $3 mark. The price then retraced to test the previously broken resistance-turned-support trend line of the falling wedge pattern.

After encountering lower prices at this level, SUI’s price is attempting a bullish comeback, aiming for the 61.80% Fibonacci retracement level at $2.3514.

With an intraday recovery of 2.60%, SUI is gradually gaining bullish momentum. This post-retest reversal is also evident in the MACD and signal lines, which are showing a bullish crossover.

On the other hand, the SUI network activity is also increasing, which could bode well for the next bull run.

SUI Network Growth Lays the Foundation for the Next Bull Run

In the first quarter of 2025, Bitcoin finance on the SUI network saw a significant surge. Liquid staking via Lombard’s LBTC has helped boost the BTC assets on the network.

Of note, 10% of SUI’s total value locked (TVL) is comprised of BTC assets, including WBTC, LBTC, and STBTC. However, after peaking strongly, the TVL has taken a noticeable dip.

According to a tweet by SUI, the Q1 average TVL stands at $1.51 billion, with a peak of $2.08 billion. The volume has increased by 4.47% quarter-to-quarter, reaching $25.5 billion.

We've always said that Sui was meant for BTCfi — and you all seem to agree!

10% of Sui's TVL is now made up of BTC assets, including wBTC, LBTC, and stBTC! pic.twitter.com/KhWTKzCqHo

— Sui (@SuiNetwork) April 10, 2025

Furthermore, the stablecoin supply on the SUI network has seen a huge surge.

The supply of stablecoins on SUI has recently outpaced that of Optimism. Currently, the stablecoin supply on SUI stands at $721 million, while Optimism has $684 million.

BREAKING: $SUI FLIPS @OPTIMISM IN STABLECOIN SUPPLY pic.twitter.com/Tac7pv3f0R

— ToreroRomero (@Torero_Romero) April 10, 2025

This indicates a high level of activity within the SUI ecosystem.

An interesting note is that Bitcoin has encountered a minor roadblock in its recent bullish turnaround.

However, despite this setback, the cryptocurrency is still holding crucial support at the 50% Fibonacci level. A break below this level could open the door for further bearish pressure.

On the other hand, if Bitcoin manages to stay above the 50% Fibonacci level and break through the 61.80% retracement level, it could set the stage for a continuation of the bullish trend.

This would also have positive implications for the cryptocurrency market as a whole, as it could lead to renewed buying interest in altcoins.

Stay tuned for more updates.