Date: Mon, Oct 21, 2024, 07:25 AM GMT
The cryptocurrency market kicked off the new week on a high note, with Bitcoin (BTC) successfully crossing the $69,000 mark and aiming for the coveted $70,000 milestone. This surge has positively impacted many major altcoins, including Solana (SOL), Cardano (ADA), and Fantom (FTM), which are all seeing gains. Among these, Sui (SUI) has also made a notable increase of 1.91% in the last 24 hours.
After facing a recent setback from its all-time high of $2.36 on October 13, SUI dipped to a low of $1.97. However, buoyed by the current market momentum, it has rebounded to a price of $2.09, marking a remarkable 41% gain over the past 30 days.
Source: Coinmarketcap
Potential for a Breakout
Many analysts believe that $SUI is on the brink of a significant breakout. According to @Moon_Whales_, a crypto trading firm, SUI is forming a symmetrical triangle pattern, which is indicative of a potential explosive move. They noted that the MACD (Moving Average Convergence Divergence) indicator has flipped bullish, suggesting that the momentum is shifting in favor of SUI.
Credits: @Moon_Whales_ (X)
Traders are closely watching the $2.15 resistance level; if SUI manages to clear this point, analysts expect a substantial rally ahead. The building momentum indicates that there is plenty of room for growth if the breakout occurs.
Ecosystem Growth
A major factor contributing to SUI's bullish outlook is its robust ecosystem growth. According to data from Suivision, SUI has experienced a significant increase in total transactions and active addresses since June 2024. Currently, total transactions stand at an impressive $6.19 billion, while total active addresses have reached 24.22 million, showing a continuous upward trend in these metrics.
Source: Suivision
Conclusion
As SUI continues to demonstrate resilience and growth, traders and investors alike are keeping a close eye on its price movements. With the potential for a breakout and a thriving ecosystem, SUI may soon become a hot topic in the cryptocurrency world.
Get more updates at: coinsprobe.com
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
