What to know:
- SUI price is holding a key two-year support trendline, with analysts identifying a potential Wyckoff Spring bullish breakout.
- Analysts believe renewed buying momentum could push the SUI price toward the long-term $15 target.
- Gorae Protocol is moving over 50,000 EV chargers to the Sui blockchain for transparent on-chain payments.
SUI is holding a crucial long-term support level, with analysts seeing potential for a bullish breakout if buying momentum strengthens. At the same time, Gorae Protocol is using the Sui blockchain to bring greater transparency and trust to electric vehicle charging through verifiable on-chain payments and data records.
At the time of writing, SUI is trading at $0.6854 with a 24-hour trading volume of $153.82 million and a market capitalization of $2.77 billion. Despite the 1.43% loss over the last 24 hours, the SUI price structure and network adoption point to a bullish reversal ahead.
Source: CoinMarketCap
Also Read: SUI Price Near Critical Level Could Spark Breakout to $0.78
SUI Price Signals Breakout With $15 in Focus
According to the crypto analyst Celal Kucuker, SUI is trading near a critical long-term support area, with its primary ascending trendline remaining intact after nearly two years.
Analysts say the unbroken structure keeps the broader bullish outlook alive despite recent weakness. The current consolidation phase suggests buyers are continuing to defend key levels, preventing a confirmed breakdown and preserving upside potential.
Source: Celal Kucuker’s X Post
According to the technical analysts, it appears likely that SUI might be creating a Wyckoff spring and last test formation, where after a quick support sweep, there was a sharp bounce back on weekly charts.
If this pattern turn out to be valid, it would suggest the start of an uptrend, with SUI having the potential of crossing the $15 mark.
Gorae Protocol Uses Sui to Transform EV Charging
The data from Sui further highlighted that Gorae Protocol is adding more than 50,000 electric vehicle chargers to the Sui blockchain to improve visibility and investment in the EV infrastructure.
Each charge point is registered as a transaction in the on-chain ledger, whereas the Walrus Protocol keeps a secure immutable record of each transaction.
Source: Sui’s X Post
This solution aims to solve a problem that has been affecting the EV charging sector for quite a long time now. This has been the problem with verifying the revenue data of the EV charging business from an outsider perspective.
With the help of blockchain technology for payment and immutable data storage, Gorae Protocol aims to bring institutional investments.
What’s Next for SUI?
What comes next for SUI will depend on how much buyers defend the existing support level and drive prices above major resistance levels.
In case of a successful breakout, the bulls will be more confident and the target level of $15 will remain relevant. The development of EV charging based on blockchain technology by Gorae Protocol might help here.
Also Read: SUI Price Eyes $20 as Sui Launches Gasless Stablecoin Payments
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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