SUI Price To $7? Analyst Predicts Altcoin’s Path | Crypto News
After a strong start in August, the SUI price struggled to construct on its momentum in the second half of the month. The altcoin’s price crashed from a local high of above $4.1, reaching around $3.2 to start the new month of September.
However, the SUI price appears to have discovered a new lease on life in the past week, growing by over 4% in the last seven days. Interestingly, the SUI token seems to only be at the start of what might be a journey to a new all-time high.
Analyst Predicts SUI To Grow 110% Based On Chart Pattern
In a September 5 post on social media platform X, outstanding crypto analyst Ali Martinez shared that it is likely to be time for traders to start loading their luggage with SUI tokens. According to the online pundit, the SUI price just bounced back from a degree that may see journey to a new high around $7.
This prediction is based on the looks of an ascending triangle sample on the daily Bitcoin chart. The ascending triangle is a technical analysis sample that options an inverse right-angled triangle with a horizontal higher boundary (connecting a collection of decrease highs) and a diagonal rising decrease trendline (connecting the swing lows).
An ascending triangle formation is often thought-about a bullish chart sample, signaling the continuation of the initial upward development. Nevertheless, this chart sample can also be considered as a development reversal sample and a bearish signal—often when the asset’s price breaches below the decrease trendline and in the alternative direction of the initial uptrend.
As shown in the highlighted chart, the SUI price did make a transfer for the decrease trendline before bouncing back around the $3.1 degree. The altcoin, which seemingly discovered a major help around this price degree, seems to be set to break the higher horizontal trendline of the triangle.
While Martinez still expects the SUI price to retest the decrease trendline one more time before breaking out of this sample, the ultimate goal for the altcoin is set around the $7 mark. The price goal for an ascending triangle sample is often calculated by including the vertical distance between the horizontal and decrease trendlines to the breakout level.
Going by this methodology, Martinez places the goal for the SUI at over 110% from the current price level and 30% from the all-time high of $5.8.
SUI Price At A Glance
As of this writing, the price of SUI stands at around $3.38, reflecting an over 2% leap in the past 24 hours.
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