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SUI Consolidates in Bullish Flag, Eyes Rally to $2.29📈
SUI price consolidates within a bullish flag pattern as analysts cite technical signals, rising DeFi activity, and key resistance levels.
SUI entered a consolidation phase as broader crypto markets showed mixed short-term momentum. However, this consolidation formed in a bullish flag pattern. It is often an indication of continuation rather than exhaustion of the trend.
SUI Forms Bullish Flag as Market Eyes $2.29 Breakout
According to market analyst Ali Martinez, SUI’s structure shows a continued upward pressure despite temporary pauses in the price. Therefore, consolidation is being perceived by more and more traders as preparation for another bullish leg.
Technically, the bullish flag formed after a strong move upward. Subsequently, price action was compressed in a descending channel, which reflects profit-taking more than selling pressure.
Ali Martinez said that a confirmed break above $1.84 could send SUI towards $2.29. As a result of this, this target is in line with the measured move projection from the bullish flag formation.
In this structure, the current descending wedge is a healthy consolidation phase. Thus, the pattern implies strength rather than weakness in prevailing bullish sentiment.
Other technical indicators also strengthen this outlook. Specifically, analysts found a bull pennant formation on higher timeframes of support of continuation potential.
Additionally, an inverse head and shoulders pattern was formed on the daily charts. Therefore, the combined signals reinforce the expectations of a more general trend reversal confirmation.
Some market commentators had upside targets of more than $2.29. In some situations, analysts cited $2.50 as a potential extension level.
Hitting $2.50 would be a major technical achievement for SUI. Additionally, such a move may set a new all-time high under good conditions.
