SUI Price Pops as Falling Wedge Breaks – Here’s What Happens Next
The SUI price has fallen by 2.5% today, dropping to $2.18 as the cryptocurrency market loses 3% in the past 24 hours.
The fallout from President Donald Trump’s imposition of tariffs continues to weigh down markets globally, with the crypto market being no exception.
The overarching negativity means that SUI is now down by 15% in a week and by the same percentage in a month, although the altcoin holds on to a 28% gain in the past year.
And with the past few days seeing SUI break out of a falling wedge pattern, it could be in a good position to recover strongly once market conditions allow.
SUI Price Pops as Falling Wedge Breaks – Here’s What Happens Next
As the chart below illustrates, SUI broke out of its medium-term falling wedge pattern a few days ago, and remains above the wedge’s upper line.
However, its indicators remain in largely weak positions, giving a mixed picture.
For instance, its 30-period moving average (orange) has been below the 200-period average (blue) since late January, implying that a bullish turnaround is overdue.
And we also see SUI’s relative strength index (purple) falling back below 50 in the past couple of days, although it hasn’t yet fallen into a strongly oversold position.
In other words, more falls could be coming in the near future, although it’s arguable that the SUI price will not fall back within the range of the falling wedge above, instead bouncing back off its upper bound.
Of course, the big unknown is the ensuing trade war between the US and the rest of the world, with China today announcing retaliatory tariffs against the US, and other nations potentially following.
This could make the situation much worse before it gets better, with many analysts now predicting a recession.
In such a context, the SUI price can only really fall, even if the coin has some of the strongest fundamentals of any relatively new layer-one network.
It currently boasts the ninth-biggest network in terms of total value locked in, which currently stands at $1.24 billion.
Its ecosystem also continues to grow in terms of the utility it offers, with last week’s launch of Walrus – an app which makes data ownership programmable – underlining SUI’s credentials.
This all puts SUI in an excellent position to return to growth once market conditions become more bullish.
The SUI price could therefore return to $3 by June, and hit $4 again by Q4.
New Presale Coins with Bullish Momentum
Given that the wider market has decidedly entered another bearish period, some traders may want to look for alternative routes to relatively quick returns.
One place to look is with presales, with the biggest and most popular ICOs sometimes leading to strong rallies once the corresponding coins list for the first time.
And one presale coin that looks like it could do well is Solana-based layer-two platform Solaxy (SOLX), which has now raised $29.1 million in its hugely popular ICO.
As Solana’s first L2 network, Solaxy promises faster transactions and lower fees, addressing Solana’s ongoing issues with delays and dropped transactions.
Solaxy will also enable instant bridging between its own network and Solana, with future plans to expand its compatibility to other chains.
The project is aiming to become a key platform for meme tokens, which continue to be one of the big drivers of Solana’s traffic.
Judging by the size of its raise, and by the fact that it already has more than 73,000 followers on X, it looks like it’s set up nicely to have a strong listing in the next few weeks.
Investors can join its sale by visiting Solaxy’s official website and connecting a supported wallet, such as Best Wallet.
The coin is currently available at $0.001684, although this will continue to rise until the sale ends.