Crypto analyst Mags has projected a bullish price target of $40 for the SUI token, based on detailed technical analysis of its price movements and chart patterns. The forecast comes as SUI trades at $4.55, with CoinGecko data showing a 24-hour gain amid strong trading volume of $2.3 billion.
Technical Analysis Points to Strong Market Structure
The SUI token formed a solid base throughout mid to late 2024 after dropping below $0.50 in May. This accumulation phase created strong support levels, with buyers stepping in consistently around the $0.50 mark. The price action then broke out of this range, establishing an upward trend with a series of higher lows and higher highs.
$SUI is going to at least $40 this cycle.SUI SZN incoming.. pic.twitter.com/OydR9uuMp6
— Mags (@thescalpingpro) December 24, 2024
Market data shows the token has maintained its position above key support zones at $3.50 and $2.70. These previous resistance levels now serve as foundation points for potential future price advances.
The upward-sloping trendline suggests growing buying pressure and sustained market interest. For SUI to reach $40, it would need to increase approximately 8.79 times its current value.
Trading Volume Signals Market Activity
CoinGecko’s latest market data reveals robust trading activity for SUI, with $2,342,584,009 in 24-hour volume. While the token shows a 5.11% gain over the past day, it registered a 4.51% decline across the weekly timeframe. These volume patterns align with increased market participation and trader interest.
Read also: Here’s How the Bitcoin Price Historically Performed on the Christmas Day
Chart Formation Suggests Bullish Momentum
The technical setup displays a parabolic curve projection from current price levels. This formation stems from the token’s break above its consolidation range and subsequent retest of the trendline as support. The price movement established $4.66 as a notable level, marking substantial progress from earlier trading ranges.
The chart structure indicates multiple support zones that could act as price floors during potential market corrections. The primary support coincides with the ascending trendline, which traders watch as a gauge of ongoing market strength.
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