Date: Fri, Oct 11, 2024, 03:22 PM GMT
The cryptocurrency market is bouncing back, with Bitcoin (BTC) recovering from yesterday’s dip to $59K and now trading near $62K. This rebound has triggered rallies in several altcoins, with Sui (SUI) standing out. Over the past 24 hours, $SUI has surged by over 12%, and it has climbed an impressive 133% in the last 30 days.
Source: CoinmarketcapDespite some market-wide selling pressure that briefly pushed SUI down to a key support level around $1.60, the token has quickly bounced back, attracting the attention of traders eager to capitalize on its upward momentum.
Is SUI Verge on the Mega Breakout?
Prominent crypto trader @ggg_crypto shared a chart showing that SUI could be on the verge of breaking out after consolidating for 530 days. According to his analysis, the token is currently trading around the $2.00 mark, and if it closes a daily candle above $2.17, it could spark a significant rally.
Credits: @ggg_crypto
Earlier this week, another well-known analyst, @CryptoBullet, also pointed out a bullish signal on SUI’s chart. He noted that a classic "cup and handle" pattern is forming, which is often a precursor to a major breakout. He stated:
"I know it might be tempting to sell $SUI here, but it’s the wrong timing, in my opinion. We’re now seeing the 4th test of the $2 level! The more a level is tested, the more likely it is to break."
Credits: CryptoBullet
According to @CryptoBullet, the repeated testing of the $2 resistance level is a strong indication that SUI is gearing up for a significant move. If the resistance is broken, he predicts SUI could potentially rally all the way to $10, especially if the broader market turns bullish.
What to Expect Next?
With analysts leaning bullish, and SUI’s Total Value Locked (TVL) growth, memecoin activity, and record-breaking daily transactions, all eyes are on whether the token can break out from its current consolidation. If SUI closes above $2.17, a substantial rally could be on the horizon.
Get more updates at: coinsprobe.com
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making any investment decisions.
