With a breakout run gaining momentum and the TVL surpassing $900 million, the trendy SUI token is targeting the $3 price point.
As the bull run in the crypto market continues, SUI has stood out as a top performer over the past two weeks. With a surge surpassing psychological marks, SUI teases a trend reversal rally to new heights.
Let’s take a closer look at the rising rally of SUI and figure out its next potential target.
SUI Price to Retest $1.50
Following a massive surge over the past week, the SUI token created a new local swing high of $1.64 today. Currently, it is trading at $1.5544 with an intraday pullback of 2.06% from its $1.59 opening price.
However, the SUI token has increased at an impressive rate over the past seven days, with a price jump of 38.22%. In the past 24 hours, the altcoin has increased by 5.97% and has a market capitalization of $4.15 billion.
On the daily chart, the recovery run in the SUI token creates a rounding bottom reversal following the falling channel breakout. The breakout rally exceeds the 61.80% Fibonacci level with a streak of six consecutive bullish candles.
The intraday candle forms a shooting star candle, ending the bullish streak. However, as the SUI token resurfaces above the $1.50 psychological mark, the chances of an upside continuation have significantly increased.
The bullish crossover in the 50-200 day Exponential Moving Average (EMA) near the $1.00 psychological mark signals a golden crossover, establishing a strong trend reversal possibility following a post-retest reversal of the 61.80% breakout run.
On the other hand, the stochastic Relative Strength Index (RSI) shows the K and D lines entering the overbought zone and giving a negative crossover with the intraday pullback. Hence, a minor retest or a sideways trend is possible before the upside trend continues for SUI.
Will SUI Reach $3?
Amid the broader market recovery, the total value locked on the SUI blockchain exceeds $900 million and hits a new all-time high. Furthermore, well-known crypto analyst Martinez Ali tweets about the recent similarity between the SUI and Solana price actions.
Based on the 2021 bull run in Solana, SUI follows a similar pattern and reveals a massive upside if the trend continues to mirror the fifth-largest cryptocurrency. According to Fibonacci levels, the upcoming targets for SUI are at $1.7492 and the $2.02 psychological mark for next week.
In the long term, with the broader market expected to skyrocket in October’s “Uptober” rally, the 1.618 Fibonacci level near the $3.00 mark is a potential target.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
