SUI bullish triangle setup targets about $8 if support holds

The observation describes a corrective Elliott wave triangle on the weekly timeframe for SUI. A triangle pattern implies waves A-B-C-D-E within converging trend lines, often signaling a consolidation ahead of a continuation in the dominant trend once price breaks the upper or lower boundary. Here, price has already tested the E wave support near $3.2 and bounced, which preserves the pattern’s validity and keeps the downside risk contained as long as that level holds.

The stated target around $8 aligns with common triangle breakouts where the breakout often equals the height of the triangle projected from the breakout point. However, triangles are inherently less reliable than impulsive moves, and breakouts can fail if volume wanes or broader market momentum deteriorates. Key risk factors include a break below $3.2, which would invalidate the triangle and could lead to a deeper pullback, and macro crypto risk affecting altcoins broadly.

In a favorable scenario, a weekly close above the triangle’s upper boundary with improving volume would be the first strong confirmation of a breakout toward the $8 target. Traders should monitor for signs of sustained buying pressure and potential resistance around prior highs or around $8 as the next inflection zone.