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On the cryptocurrency market with a 56% increase in the last seven days, rekindling the upward feeling towards the token. In its recovery of prices, some analysts have suggested that the cryptocurrency is about to start a huge gathering towards new maximums.
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On $ 3 complaints in the middle of Breakout
On Thursday, on, one of the main cryptocurrencies of this cycle saw an 11% daily leap to break a crucial barrier. The token has been in a downward trend for several months since it hit its maximum of all time (ATH) of $ 5.35 four months ago.
During the 2025 corrections, the cryptocurrency lost the key support levels, portraying over 68% from the maximum of January. However, he attempted to recover the level of resistance from $ 2.70- $ 2.80 last month after trying to burst from its cuneo structure in multi-mese fall.
In March, the token climbed in this key region following the news of the institutional adoption, including the presentation of Canary Capital of an S-1 module for an exchange fund in exchange on the commercials (ETF) with the US Securities and Exchange Commission (sec).
In the end, he was unable to confirm the breakout and transform this level into support, going down to the breakout levels of the pre-use elections in the following weeks. However, the weekly breakout of 56% of Sull sent the cryptocurrency above the levels of $ 3.00 and $ 3.20, lost in March.
Furthermore, on it has broken out again from its cuneo model that falls, which could push the token to new maximums if the breakout is confirmed. In particular, altcoin broke out of a multi-mese fall cuneo twice, in October 2023 and August 2024, which led the cryptocurrency to new ATHs in the coming months.
Seated price on a key level
After today’s increase in the sign of $ 3.39, the token has retracted towards the levels of $ 3.25- $ 3.30, with the observer of the Hov market which noticed that on a key resistance area between $ 3.30- $ 3.70 in price.
For the analyst, the cryptocurrency must “bring through this level and obtain an HTF near above 3.72ish” for the upward confirmation. After this, he suggested that he would probably have “seen a repeat of resistance on he transformed the support”. This would put the resistance of $ 4.00 and the new ATH “in the menu” if it is worth.
On the contrary, not being able to recover this key area could stop the upward momentum and send the cryptocurrency to repeat the test of the $ 2.70- $ 2.80 range recently recovered as a support and risk a drop in the re-housing area between $ 2.00- $ 2.30.
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Meanwhile, Rekt Capital has observed that the token also seems good “on the fundamental side of things, Grayscale has today opened a trust on the SUL, showing institutional growth”.
The analyst highlighted that he gathered 50% since he broke his trend of downward, which made the avalanche Flip Token (Avax) and Chainlink (link), making it the eleventh cryptocurrency by market capitalization.
At the time of drafting this document, it exchanges at $ 3,28, a 34% increase in the monthly period.
In the foreground image from Usplash.com, graphic designer from tradingview.com