SUI Eyes Potential Breakout Amid Market Retrace, Is $2.3 Next?
2024-11-02

After recovering from the market retrace, SUI is trying to reclaim the $2 mark and break out from a bullish pattern. Some market watchers suggested the cryptocurrency will pull some “big moves” toward a new all-time high (ATH).
SUI Recovers From Halloween’s Correction
As October ended, the crypto market saw a spooky correction led by Bitcoin’s drop below the $70,000 mark. Most cryptocurrencies experienced a significant retrace, with Ethereum and Solana bleeding around 5%.
SUI, the native token of the Sui Network, joined the rest of the market and declined by 4%, losing its recently recovered $2 support. The cryptocurrency has been one of the best-performing tokens in the past few months, outperforming most of the market during Q3.
Moreover, it recorded a 25% rise toward its latest $2.35 ATH two weeks ago. Following its rally to its ATH, SUI’s price faced an 18.5% correction, making investors and analysts forecast a longer consolidation time for the token.
Earlier this week, the token followed BTC’s surge and eyed the $2.15 zone, which previously propelled the price toward its latest ATH. Nonetheless, the token reached the lower levels of the $1.90 support zone on Friday morning amid the market retrace.
Today, SUI surged 9.3% from its $1.92 daily low to hit the $2.10 mark before retracing to $2.07. Some analysts consider the cryptocurrency is gearing up to “put in a big move” following the correction.
Is A Retest Of The $2.35 ATH Looming?
Analyst AMCrypto pointed out that SUI’s recent performance could target a breakout from a bull flag formation. Per the chart, the cryptocurrency displays this bullish pattern in the three-day chart, with the breakout target sitting at $2.05.
The analyst stated that if SUI successfully breaks above the upper trendline, “it’ll pump towards its previous ATH.” Meanwhile, crypto analyst Altcoin Sherpa proposed two short-term outcomes for the token.
Sherpa considers the cryptocurrency will test the ATH zone and pull back to the current levels at least once more in the coming weeks. He indicated the price could drop to $1.65 if it fails to hold the $2 support.
However, it could also bounce from this level after the retrace and rally toward a new ATH of around $2.7 by year-end. Sherpa previously suggested that tokens with a strong September performance still have “a bit more pullback to go” with “plenty of bounces” before resuming their run.
Most of the market will experience volatility in the coming days as speculation and anticipation build up for the outcome of the US presidential elections, scheduled for next week.
Analyst Michaël van de Poppe noted that most altcoins, including SUI, were in a correction period and explained how its retest of the $1.90-$2 support is “crucial for further upward momentum.”
As of this writing, SUI is trading at $2.05, a 3.5% increase in the last 24 hours.