As the broader market anticipates a new bull run in altcoins, SUI comes as a top choice. With price targets extending to $10, should you consider buying more SUI tokens?
As the total crypto market cap excluding Bitcoin BTC $96 611 24h volatility: 2.1% Market cap: $1.92 T Vol. 24h: $29.09 B and Ethereum ETH $1 845 24h volatility: 2.6% Market cap: $222.72 B Vol. 24h: $14.22 B rises to $1.04 trillion, the altcoins are driving the crypto market rally. Among the top performers, SUI SUI $3.65 24h volatility: 5.3% Market cap: $12.18 B Vol. 24h: $1.76 B has taken a quick bullish reversal with three positive days.
The SUI price trend hints at a potential new all-time high formation. So, will the bullish trend in this altcoin sustain as Bitcoin hangs at $104K?
SUI Price Analysis Reveals 150% Upside Potential
In the daily chart, the SUI price trend reveals a morning sharp pattern driving the reversal rally. This pattern signals a strong shift in momentum, suggesting growing buyer confidence.
Starting taking a bullish stand at $3.65, the morning sharp pattern completed with an 11.49% jump last night. This created a massive bullish engulfing candle, crossing above the 110mm. Such a bullish candle often indicates a sustained upward move.
Currently, the SUI token trades at a market value of $4.23 with an intraday rise of 2.55%. With the bullish continuation, SUI has broken the 78.60% Fibonacci level at $4.16. This breakout further solidifies the ongoing uptrend and strengthens investor sentiment.
SUI Technicals and Key Price Targets
Amid the recent recovery, the MACD and signal lines are teasing a potential bullish crossover. However, the merged 20 and 50-day EMA lines pose a short-term resistance. If bulls sustain momentum, these resistance levels could soon be breached.
If the SUI price manages to close above the $4.40 mark, the uptrend is likely to challenge the previous all-time high near $5.30. Based on the Fibonacci levels, an uptrend continuation will likely project the next price target at $8.50 or $10.70. A rally of this scale could attract more traders, further fueling the price surge.
Hence, the SUI price analysis reveals an upside potential of almost 150%.
Analysts Project New Rally Ahead
Supporting the possibility of a bullish trend, crypto analyst Ali Martinez highlights a buy signal on SUI. In the 12-hour price chart, the TD Sequential Indicator presented a buy signal.
This poses a potential possibility of a price rebound in SUI. A confirmed rebound could lead to a stronger uptrend, increasing investor confidence. Furthermore, the price chart also hints at a potential double-bottom reversal.
This classic pattern often marks the beginning of a long-term trend shift. Hence, the underlying bullishness in the SUI price chart is significantly increasing.
Furthermore, the recent price jump has reclaimed the broken ascending trend line. As highlighted in the latest X post by Carl Moon, SUI price is likely to regain the bullish foothold. Maintaining this position could open doors for further price discovery.
This bullish comeback will likely drive the SUI price trend to a new all-time high. Traders should watch for strong volume confirmation to validate this move.
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