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Sui (SUI) has seen a substantial increase of 20% over the past week, pushing its price to within striking distance of breaking above the key resistance level at $3.60.
The sudden surge in value comes as the asset consolidates within a symmetrical triangle pattern, with many market participants eyeing this region as a crucial area for further momentum. According to crypto analyst Ali, a close above $3.60 would confirm a potential breakout from this formation and potentially signal sustained strength beyond.
Notably, SUI’s weekly gain has been fueled by several key developments within the ecosystem. The recent launch of Threshold Network’s tBTC on the Sui blockchain has brought bitcoin liquidity into the mix, which could unlock significant value for users. Additionally, Grayscale’s report highlighting the strengths of the Sui blockchain and its architecture has garnered attention from a broader audience.
As the asset approaches this critical juncture, Fibonacci levels are suggesting that any pullback could provide an opportunity to buy with stronger momentum expected above $3.18.
Source: cryptopotato.com
