SUI Pattern Signal Imminent Price Surge: Expert Predicts Rally to $5.7

Sui Price Explodes Over 100% - Is This Just the Beginning of a Major SUI Rally?

Crypto analyst CryptoBullet has shared an analysis of SUI’s price action that points to a positive future for the token. The prediction comes from a possible Cup and Handle pattern on the weekly chart.

This pattern indicates the possibility of a price surge in the coming months. The key levels identified by the analyst could play a crucial role in determining the next price targets for SUI.

CryptoBullet’s analysis identifies a clear Higher Low for SUI, a key element in the development of a Cup & Handle pattern. This formation is considered a bullish reversal signal, with the potential for a breakout once the handle completes.

According to the analyst, the pattern began forming around July 2023, and the recent low in September has set the stage for a potential breakout. The crucial level for SUI to flip is $1, which has been tested several times and serves as a psychological barrier.

Breaking above this level could indicate the start of a sustained upward movement. CryptoBullet emphasizes the importance of this level as a key inflection point for SUI’s price.

$SUI 1W chart | Mid Term Perspective
So, $SUI has established a clear Higher Low. This start to look like a giant Cup & Handle 👀
📍 $1 is the Key Level to flip
I think sometime in Q4 #SUI will test the Major Resistance level of $2 and break it 📈
🎯 TARGET 1 – $5.7 pic.twitter.com/dB1eSfwvM5
— CryptoBullet (@CryptoBullet1) September 13, 2024

SUI Price Prediction

Beyond the $1 level, CryptoBullet points out that $2 serves as the next major resistance. This level corresponds to past price action and congestion, making it a barrier for the crypto.

The analyst predicts that SUI could test and potentially break this resistance level in Q4 2024. In addition, the 0.618 Fibonacci retracement level, around $1.30, is highlighted as another potential resistance area before reaching the $2 mark.

A breakout above these levels could further strengthen the bullish case for SUI. Moreover, CryptoBullet sets an ambitious target of $5.70 for SUI, aligned with the 1.618 Fibonacci extension.

Besides, this projection suggests a substantial price rally from the current level of $1. The analyst anticipates that once SUI clears the $1 and $2 levels, it could begin a strong upward movement, possibly reaching this target during the next major market cycle.