SUI Price Breakout Next? Analyst Sets $2.3 | Crypto News
The SUI price struggled to replicate its early-year momentum over the past week despite the final market seeing renewed optimism. The altcoin’s price principally moved sideways, oscillating between the $1.70 – $1.90 ranges. According to a well-liked analyst on the social media platform X, this slight inactivity could be a bullish signal of what is to come over the next few weeks.
Is SUI On The Verge Of A 30% Surge?
In a January 18 post on the X platform, crypto analyst Ali Martinez shared an fascinating chart setup for the SUI price. According to the market pundit, a escape of the current chart setup might see the altcoin attain the $2.29 stage over the approaching weeks.
The rationale behind this optimistic prediction is the formation of a bull flag sample on the 4-hour timeframe of the Bitcoin price chart. The bull flag is a technical analysis sample characterised by a period of steep upward motion (the flagpole) sometimes adopted by sideways or barely downward price motion.
Typically, the bull flag capabilities as a prevailing continuation sample for an current upward pattern, suggesting a potential transfer to a increased price level. While this chart is often a bullish signal, it’s essential to wait for a profitable breach of the higher boundary of the consolidation vary; this will increase the chances that the price will continue in its upward trajectory.
As shown in the chart above, the price stage that wants to be damaged to verify the uptrend continuation lies around the $1.84 mark. Meanwhile, the goal for this chart sample is often calculated by including the vertical peak of the flagpole to the potential breakout level from the flag.
According to Martinez, a sustained break above this stage might see the SUI price run up to as $2.29, representing an nearly 30% surge from the current price level.
SUI Price Overview
As of this writing, the price of SUI stands at around $1.78, reflecting a mere 0.9% dip in the past 24 hours. This tame daily motion highlights the indecisiveness at present affecting this altcoin market, as the SUI bulls and bears battled for dominance over the past week. According to CoinGecko data, the altcoin’s worth is down by 1.7% in the last seven days.
However, this past week’s struggles haven’t been enough to wipe out SUI’s latest success, particularly on broader timeframes. For occasion, the altcoin’s worth has elevated by more than 28% on the month-to-month timeframe. With this optimistic efficiency, the token has maintained a place within the top 30 largest cryptocurrencies by market cap.
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