Why Solana Killer SUI Price Is Likely to Rise 40% Soon
The price shows bullish potential for a prolonged rally, supported by Grayscale Credit Fund and insider signals. Key support could lead to a $1 breakout.
SUI price has dropped from $1.01 to $0.81 in the past four days, recording a 20% loss. The current market consolidation after Bitcoin’s volatility around $60,000 could continue to hurt SUI holders with a strong drop. Will the correction last long, or could buyers have a chance to counterattack?
The first half of August showed bullish expectations for SUI price after Grayscale announced a new SUI trust fund.
Andrew Kang, founder of Mechanism Capital, recently hinted at potential developments for SUI that could bolster its recent success. While the tweet emphasizes that he has no direct knowledge of specific events, he points to several factors that suggest something significant could be on the horizon for the token.
These factors include Raoul Pal’s involvement through advisory roles, large OTC bids, and a strong campaign despite large token openings. Additionally, Kang highlights the aggressive price action without significant pullback and the recent performance upgrade with Mystceti, which could open the door to new and innovative applications.
SUI indicator indicates a rise after the breakout.
On August 8, SUI price made a decisive breakout from the resistance trend line of the channel pattern. The two parallel trend lines, dynamic resistance and support, have been making a steady correction on the daily chart for the past four months.
The post-breakout rally took the coin to a high of $1.117 before pulling back to $0.83, leaving the market cap at around $2.16 billion. This decline is testing support at the 20- and 50-day EMAs. Holding this support would signal a shift in market sentiment from selling on rallies to buying on dips.
Under sustained buying, SUI price could surge 40% to challenge the $1.17 resistance level, followed by an extended rally to $1.114.
However, trading below the 200-day EMA of this altcoin indicates a broader downtrend. A bearish crossover between the MACD (blue) and the signal (orange) is likely to accelerate selling pressure in the market.
A bearish breakdown within the channel range will invalidate the uptrend and could lead the asset to drop 16% to reach the support at $0.617.
