Date: Mon, March 24, 2025 | 08:56 AM GMT
The crypto market is showing signs of a rebound as Ethereum (ETH) gains 10% in a week, climbing above the $2,075 mark today. This shift in sentiment is providing relief to altcoins, many of which have suffered heavy corrections over the past 90 days.
Among them, Solana (SOL) and Sui (SUI) are showing promising price action, with SOL surging 8% over the week, breaking out of a key technical pattern, and SUI mirroring similar price action, positioning itself for a potential trend reversal.
Solana (SOL) Breaks Out of Falling Wedge
Solana has successfully broken above a falling wedge pattern, a bullish signal that indicates a possible trend reversal. The breakout occurred around the $128 level, and the price has since surged to $140.
If bullish momentum continues, the next resistance zone lies at $153 and the 50-day moving average. Further, a move above this resistance might even push SOL toward $181 and the 200-day moving average—marking a potential 32% gain from current prices.
The Moving Average Convergence Divergence (MACD) indicator is also showing signs of recovery, with the MACD line crossing above the signal line, indicating increasing bullish momentum. If buying pressure continues, SOL could solidify its uptrend and reclaim key resistance levels in the coming days.
Sui (SUI) Gearing Up for a Potential Breakout
Similar to SOL, SUI has followed a comparable structure, trading inside a falling wedge since reaching its all-time high of $5.36 on January 6. The token recently bounced from the lower trendline support at $1.97 and is now trading at $2.39, approaching a crucial breakout point.
A confirmed breakout and retest of the wedge’s upper boundary could push SUI toward the 50-day moving average and the $3.25 target. Continued bullish momentum might even push SUI toward $3.73 and the 100-day moving average—marking a potential 57% gain from current prices.
The MACD for SUI is also turning bullish, with the histogram showing decreasing negative momentum, suggesting a possible trend reversal. If volume supports the breakout, SUI could follow SOL’s price action and begin a strong upward trend.
Final Thoughts
With Ethereum (ETH) leading the market recovery, altcoins like SOL and SUI are showing signs of a bullish reversal. If Bitcoin and ETH maintain their strength, the broader market could experience further gains, pushing SOL and SUI higher.
Traders should keep an eye on volume spikes and key moving averages as they could confirm the strength of these breakouts.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.