The crypto market showcased a slight uptick during Sunday’s trading as Bitcoin headed close to a $70,000 breakout. As the ‘Uptober’ sentiment returns, the emerging cryptocurrency SUI displays potential for a higher rally amid increasing TVL and a bullish pattern formation. Will the SUI price prove the crypto analyst’s prediction for a $2.6 rally?
Crypto Analyst Predicts SUI Price Will Break $2.6 in Upcoming Rally
In a recent tweet, renowned crypto analyst Ali Martinez highlighted a bullish outlook for the Layer-1 cryptocurrency SUI amid channel pattern formation. Theoretically, the chart setup drives a sustained recovery trend within two parallel trend lines, offering dynamic support and resistance.
Each retest to the pattern’s lower trendline throughout October has renewed the bullish momentum in SUI price for a notable upswing. By press time, SUI had traded at $2.04 and revisited the bottom support trendline before the next leap.
If history repeats, the cryptanalysts predict a surge to $2.61 level, accounting for a potential growth of 22.9%. AS SUI Foundation clears the air on $400M Insider-Selling allegations, the altcoin is poised to drive a steady rally within the channel pattern.
An upside breakout from the channel resistance will indicate the buyers are prepared for a high-momentum rally.
In case of occasional pullback, the SUI price could witness stable demand pressure at the rising 20-and-50-day EMA,
SUI TVL Soared 260% Since August
According to DeFiLlama, SUI’s Total Value Locked (TVL) saw a massive jump since August, rising from $414 million to $1.49 billion, marking a 260% growth. This significant increase in TVL reflects a substantial influx of capital into the SUI ecosystem, indicating growing investor confidence and adoption of its DeFi protocols.
Such development often drives natural growth for the native cryptocurrency.
However, the crypto analyst also mentioned possibly introducing the bullish thesis if the SUI price breaks below the support trendline. The possible breakdown will accelerate the bearish momentum and drive a sustained correct trend.
Frequently Asked Questions (FAQs)
Crypto analysts, including Ali Martinez, highlight a bullish outlook for SUI, driven by a channel pattern formation
SUI’s TVL has surged by 260%, rising from $414 million to $1.49 billion since August
If SUI breaks below the support trendline, analysts suggest that the bullish thesis could be invalidated
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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