Sui (SUI) has been struggling to shake off a correction phase since the start of 2025, with its decline accelerating after Donald Trump’s second inauguration as U.S. President. The large-cap altcoin, valued at around $22.8 billion, sees massive daily trading volumes of roughly $889 billion, yet its price has tumbled over 32% in the past four weeks.

But could a turnaround be on the horizon?

Recent price action suggests signs of recovery, with SUI climbing about 5% in the past week. As of Tuesday, March 18, during the early New York session, it was trading around $2.28.

Now, all eyes are on a key resistance level that could determine whether SUI is gearing up for a breakout – or facing more downside ahead.

Is SUI Ready for a Breakout

From a technical perspective, SUI has been in a long-term uptrend over the past two years, forming higher highs and higher lows. Over the last two weeks, it has been retesting a key resistance level from April 2024, which was previously broken in October 2024.

Crypto analyst Ali Martinez suggests that SUI is nearing a breakout point, forming an ascending triangle pattern on the 1-hour chart. If the price consistently closes above $2.4, it could trigger a rally toward $2.89.

On the downside, if SUI closes below $2.2, the bullish setup would be invalidated, possibly leading to a deeper drop below $2.

Fundamental Outlook

Beyond price movements, Sui’s network is growing into a thriving Web3 ecosystem. It now hosts several DeFi protocols, including Suilend, NAVI, Cetus AMM, and Haedal.

Currently, the Sui network holds over $1.1 billion in total value locked (TVL), while its stablecoin market capitalization stands at around $654 million. This steady growth strengthens SUI’s long-term potential, despite recent price fluctuations.

Volatility may be the name of the game, but Sui’s long-term play is looking more solid by the day.