As the market approaches the end of September, a month of downtrend, the market is showing signs of a reversal. At the same time, altcoins like Sui, which faced a bearish resistance a few weeks ago, are now on the verge of a breakout. While most tokens struggled in the early days of the month, the price of SUI has remained high since the start of August. Therefore, the price is expected to continue its growth momentum in the coming days, possibly increasing by another 40%.
In a recent update, Circle announced native USDC on SUI, keeping the bullish momentum going. Furthermore, another big announcement is expected in the near future, which could bring a major retail brand to the platform. The SUI price has returned to a technical HTF uptrend, making consecutive highs and lows while breaking above a key level. Therefore, the price could surprise many in the coming weeks or months.
Will SUI Price Hit New Highs Above $2.20 in October?
The recent rally triggered a breakout from the descending parallel channel and the bulls have held on to the gains. The price has been unable to break above the key resistance at the 200-day MA at $1,099 over the past few days. However, after repeated tests, the resistance may have weakened. As trading volume increases, a continuation of the rally seems inevitable. Furthermore, the DMI is approaching a bullish crossover as the ADX has started to rise again.
Therefore, the price remains in a consolidation range for some time, which could bring +Di & -Di closer together towards a bullish crossover. Once this move occurs, the bullish momentum of SUI could continue and break above $1.5, reinforcing the dominant bullish momentum. The current trading setup does not suggest any downside potential and if it does, the channel resistance would provide strong support and push the price towards $2.
