SUI holds firm at $2 as wedge breakout nears. Traders eye a bullish reversal toward $3 amid rising stablecoin supply and Greek partnership news.

As Bitcoin fluctuates near the $84,000 mark, altcoins like SUI struggle to regain bullish momentum. Currently, the SUI token trades at a market price of $2.0921, struggling to hold ground over the $2 psychological level. 

Despite the SUI network witnessing a record-high stablecoin supply and an optimistic outlook from analysts, the altcoin is down 7.38% this month. Will the prevailing downtrend continue toward the $1.68 support level?

SUI Price Holds Above $2, Nearing Potential Breakout

On the daily chart, the SUI token’s price action reveals a wedge pattern at play. Within this declining pattern, the bearish trend in SUI accounts for a pullback of nearly 60%.

Furthermore, the price has dropped below the 38.20% Fibonacci retracement level at $2.20. In late January, the decline also breached the bullish line of the super trend indicator, triggering a bearish trend.

Currently, the super trend indicator’s bearish line remains at $2.6593. To restore a new bullish trend, the price must exceed $2.65.

At press time, SUI is holding above the $2.00 psychological level despite a bearish reversal from the overhead resistance trendline. After forming four consecutive bearish candles, accounting for a price drop of 12.43%, SUI has created a minor bullish candle.

With an intraday recovery of 2%, bulls aim to rechallenge the overhead trendline. As the SUI price approaches the apex of the wedge pattern, traders are anticipating a high-momentum rally on either side.

The daily RSI line hints at a potential bullish recovery, as it bounces back toward the midpoint after hovering above the oversold boundary. Based on the Fibonacci levels, a potential breakout could reclaim the $3.00 psychological level at the 23.60% Fibonacci retracement. On the downside, the key support remains at the 50% Fibonacci level at $1.68.

SUI Gets Major Partnership in Greece

The potential for a bullish comeback in SUI is further supported by the recent partnership in Greece. Greece’s National Stock Exchange has teamed up with the SUI blockchain to deliver a fully on-chain fundraising platform.

This partnership, built on the SUI blockchain, is a key milestone in its roadmap.

Real-world finance meets next-gen blockchain. Greece’s national stock exchange, @ATHEX_Group — is going onchain with Sui.@Mysten_Labs and ATHEX are building a ZK-powered fundraising platform that enhances privacy and speed in traditional capital markets. pic.twitter.com/sFo3dutB4V

— Sui (@SuiNetwork) April 16, 2025

Further Support for SUI Price Growth

Additionally, the SUI network’s stablecoin supply has reached a new all-time high. According to a recent tweet by Torero Romero, the SUI stablecoin supply has reached $746.81 million, reflecting a year-to-date change of 99.82%. With increased liquidity on the SUI blockchain, network activity could see a surge.

$SUI hits new all-time high in stablecoin supply, up 99.82% in 2025 (YTD) pic.twitter.com/JWap9qgKVg

— ToreroRomero (@Torero_Romero) April 16, 2025

Furthermore, analyst CryptoWZRD signals a potential 560% surge for SUI. The analyst highlights that SUI mirrors the BTC price trend and aims for a falling wedge breakout rally. Based on this analysis, a surge beyond the $2.90 mark could push SUI prices to $5.