Crypto expert Raoul Pal says Sui (SUI) seems to have broken out of the recent consolidatory phase, which bodes well for new all-time highs. Its price movements over the past few days saw an over 15% increase in value within a single day. It has triggered the interest of investors and analysts.
Data from CoinMarketCap shows that SUI price went up by more than 20%, catapulting its market cap to over $5.5 billion. This sharp rise follows a period of price consolidation where the market was preparing for the next big move.
The growing positivity is a result of increasing trading volume and market valuation.
Sui Showing Robust Bullishness
A closer look at the Sui price chart shows some bullish patterns. Starting in late August, the token exhibited a strong uptrend, and the price experienced consistently higher levels, making higher lows and higher highs, an indication of a strong bullish market.
But on the daily chart, the price action in September and October tended to tighten these highs and lows, forming what looked like a descending channel. The days of consolidation were marked by decreasing volumes when the markets were coiling up for a potential breakout.
This all adds further evidence that Sui broke out of this pattern with price rallying sharply above previous resistance levels around $1.90. The Sui market dynamics are revealed by the click of the four-hour chart.
Sui tested resistance after the breakout at $2.12 and retreated slightly but built strength for another rally. A huge increase in buying volume follows this price action, and this only continues to add to the bullish outlook presented.
Relatively, the Relative Strength Index (RSI) on a four-hour chart has also moved into bullish territory above 60. That signifies a continuing buying interest in the market. The second indication of upward momentum is a bullish crossover of the Moving Average Convergence Divergence (MACD).
Technical indicators are on the bullish side, and the crypto analyst’s sentiment is high. Positive endorsements from the likes of Raoul Pal underpin this sentiment. A break could confirm the direction to new highs. Market participants closely watch resistance levels of $2.12 and $2.15.
Disclaimer
The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.
