Will the SUI token reach $1.48 if it breaks above the $1 neckline of an inverted head and shoulders pattern, especially with the Grayscale SUI Trust launch?
With the launch of the Grayscale SUI Trust, a new SUI-focused investment class enters the financial market. This marks a major achievement for the project and potentially boosts the market demand for SUI.Â
Following the recent crash, the price of SUI has been on a steady upward trajectory. Since Monday, the SUI token has surged by 9.68%, building on last week’s 24% bull run.
This recent price jump, which began on September 2, has more than offset the 23% decline seen in the last week of August when the token fell from $1.0010 to $0.7609.
In September alone, the SUI token has risen by over 40%, rebounding from a low of $0.7426 to a high of $1.04. This trend suggests that the SUI price has entered a new phase of bullish momentum.
SUI Bullish Momentum From Technical AnalysisÂ
In the daily chart, the SUI price reveals an inverted head and shoulder pattern breakout with a neckline at the $1 psychological mark. With the intraday jump of 10.5% from the opening price of $0.9299, SUI forms a bullish engulfing candle to reclaim the $1 psychological mark.Â
Based on the Fibonacci level, the DeFi token takes support from the 23.60% Fibonacci level at $0.8990 and is headed to the 38.20% level at $1.12. With the bullish pattern breakout, sustenance above the neckline will result in a massive surge in the upcoming times.Â
SUI Technicals and Targets Ahead
The MACD indicator is showing a bullish crossover as the SUI price rises, and positive histograms are increasing, signaling a boost in momentum.
Although the key EMAs (50, 100, and 200 days) remain bearish, the token has recently surpassed all of these EMAs. This development raises the potential for a bullish crossover between the 50-day and 100-day EMAs.
Based on Fibonacci levels, the breakout rally could target the 50% and 61.80% retracement levels, which correspond to approximately $1.3063 and $1.4883, respectively.
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