SUI’s impressive breakout from previous price patterns and upward momentum has elite analysts predicting this might only be the start of a prolonged bullish trend. 

Crypto influencer Lucky shared insights on X (formerly Twitter) about SUI’s growth, emphasizing the value of patience in long-term holdings. As SUI’s price continues to climb, the cryptocurrency community is buzzing with excitement and speculation.

SUI Price Breakout and Strong Uptrend

From April to early August, SUI was trading within a descending channel, characterized by consistent lower highs and lower lows. This pattern indicated a bearish phase as the token struggled to gain traction. 

However, a breakout occurred in mid-August, signaling a shift in sentiment and initiating a bullish trend. Since then, SUI has experienced a steady upward trajectory, with substantial price growth and strong momentum. This shift underscores the resilience of SUI and highlights its potential for further gains in the coming months.

Lucky highlighted SUI’s price journey through key levels, showing that traders who “faded” the token at $1, $2, and even $3 missed significant opportunities. With each support level firmly established—first at $1.00, then at $1.67, and now at $2.40—SUI’s chart illustrates a powerful upward trend that has fueled its rise to new highs.

Image Source: X/Lucky Key Price Levels and Support Zones

SUI’s recent price action has drawn attention to specific support and resistance zones. The $1.00 level initially served as a base, where buying interest surged after the breakout from the downtrend channel. 

As the uptrend continued, $1.67 emerged as a secondary support level, providing a stable platform for the token’s continued growth. Currently, SUI is trading around the $3.00 mark, with $2.40 acting as a potential support level in case of a pullback. This steady progression through key levels reflects the increasing interest in SUI among traders and investors.

According to Lucky, long-term holding in SUI may offer substantial rewards over time. He advises against rushing into a position, emphasizing that patience and strategic entries are more beneficial in the long run.

Read Also: Aptos (APT) Price Ready to Fly? Key Levels Signal a Major Breakout Ahead!

Momentum and Market Sentiment

The current bullish trend in SUI reflects strong buying momentum, as prices have increased sharply with minimal retracement. Although volume data isn’t visible on the chart, the rapid price movement suggests that high buying interest has supported each phase of growth. The combination of strong demand and limited pullbacks has created a favorable environment for SUI’s ongoing rally.

Another analyst, Parabolic8crypto, echoed Lucky’s sentiments, stating that the “greatest bull run of SUI is just getting started.” This perspective supports the idea that SUI’s price action of late is more than a short-lived spike; rather, it could be the start of an extended bullish phase.

Greatest bull run of $SUI is just getting started. pic.twitter.com/Br2Kio34ou

— parabolic8crypto (@paraboli8crypto) November 12, 2024

Lucky’s tweet stresses the value of holding “long-term bags,” or positions held for extended periods, as these can often yield higher returns with less risk. He explains that large-cap assets like SUI may appear slow-moving initially but often reward patient holders with substantial gains. His cautionary advice not to jump “all in” at once suggests a balanced approach, where traders take calculated steps to benefit from SUI’s bullish outlook.

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