SUI Price Holds Strong Above $2, Eyeing $3
2024-10-18

The price of  CRYPTOCAP:SUI  is holding firm above $2, fueling speculation that the altcoin might be gearing up for a significant rally. With growing market confidence and increasing attention from smart money,  CRYPTOCAP:SUI  could be primed for a breakout run towards $3, with the $2.45 mark serving as a crucial milestone.

Technical Overview
 CRYPTOCAP:SUI  has experienced a notable 3.71% price increase in the past 24 hours, pushing its market cap closer to $6 billion, currently standing at $5.81 billion. Trading volumes have surged to $928 million, reflecting the heightened market activity and growing interest in the altcoin. The price is now testing support at the $2 mark, an important psychological level, as traders wait to see if  CRYPTOCAP:SUI  will sustain its upward momentum.

At the time of writing, SUI is trading at $2.03 down 2.41%, bouncing back from the previous low of $1.9745. This bullish reversal increases the likelihood of a Morning Star pattern forming on the daily chart, signaling potential for continued upward movement.

In the 4-hour chart,  CRYPTOCAP:SUI  is trading within a rising channel pattern, with the price currently retesting the critical $2 support near the trendline. A bullish reversal within this channel suggests that  CRYPTOCAP:SUI  could soon challenge overhead resistance at $2.45, paving the way for a breakout towards $3.

Is a $3 Breakout Possible?
For SUI to achieve its price target of $3, it must first break through the overhead trendline resistance. Based on Fibonacci levels, the next major target lies at $3, corresponding to the 1.618 extension on the daily chart. This level could become achievable if  CRYPTOCAP:SUI  clears the $2.45 resistance.


Three days ago,  CRYPTOCAP:SUI  hit a new all-time high of $2.36, but recent market FUD surrounding a rumored $400 million insider sell-off caused a minor retracement. However, SUI’s foundation has denied these claims, and the market is now regaining confidence in the altcoin.

A key indicator of this renewed optimism is SUI's Funding Rate, which briefly entered negative territory during the FUD, signaling bearish sentiment. However, the Funding Rate has since turned positive, showing that traders are once again taking long positions and betting on a price rebound.

The Balance of Power (BoP) indicator also supports this bullish outlook, as the BoP has shifted in favor of buyers, suggesting that bulls are beginning to outpace bears. As a result, SUI’s price could soon rise above $2.11, setting the stage for a potential new all-time high.

SUI Price Prediction
With SUI holding strong support at $2.05, a renewed push towards $2.36 is likely in the near term. If SUI can break this resistance, a further rally towards $2.55 and beyond could occur, representing a 20% increase from current levels.

However, if bearish sentiment reemerges and sellers take control, SUI may retrace back to $2.05. A break below this level could see the price decline to $1.84, negating the current bullish setup.

Conclusion
 CRYPTOCAP:SUI  is showing strong technical and fundamental signs of a potential rally, with a $3 price target within reach if current trends continue. While the altcoin is currently benefiting from renewed market confidence, traders should watch key levels like $2.45 and $2.36 closely, as a breakout could signal the start of a major upward move.