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SUI is testing crucial support at $3.20 while analysts watch for a potential breakout from a falling wedge pattern. The token has seen over 1.9 million SUI removed from circulation through burns and freezes, creating potential upward pressure. A hold above $3.20 could trigger a rally toward $3.53 and possibly $3.90 targets.
- SUI has successfully defended the $3.20 support level multiple times, with previous bounces reaching $3.53 and $3.90
- Over 1.9 million SUI tokens have been permanently removed from circulation through burns and freezes, reducing selling pressure
- The falling wedge pattern suggests potential for trend reversal, but requires confirmed breakout above descending resistance
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