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Highlights
- A parallel channel pattern drives the current recovery trend in SUI price.
- The coin price trading above the daily moving average (20, 50, 100, and 200) accentuates the market sentiment of a long rally.
- A possible breakdown below the channel pattern will initiate a fresh correction trend.
The crypto market showcased a slight uptick during Sunday’s trading as Bitcoin headed close to a $70,000 breakout. As the ‘Uptober’ sentiment returns, the emerging cryptocurrency SUI displays potential for a higher rally amid increasing TVL and a bullish pattern formation. Will the SUI price prove the crypto analyst’s prediction for a $2.6 rally?
Crypto Analyst Predicts SUI Price Will Break $2.6 in Upcoming Rally
In a recent tweet, renowned crypto analyst Ali Martinez highlighted a bullish outlook for the Layer-1 cryptocurrency SUI amid channel pattern formation. Theoretically, the chart setup drives a sustained recovery trend within two parallel trend lines, offering dynamic support and resistance.
Each retest to the pattern’s lower trendline throughout October has renewed the bullish momentum in SUI price for a notable upswing. By press time, SUI had traded at $2.04 and revisited the bottom support trendline before the next leap.
If history repeats, the cryptanalysts predict a surge to $2.61 level, accounting for a potential growth of 22.9%. AS SUI Foundation clears the air on $400M Insider-Selling allegations, the altcoin is poised to drive a steady rally within the channel pattern.
An upside breakout from the channel resistance will indicate the buyers are prepared for a high-momentum rally.
In case of occasional pullback, the SUI price could witness stable demand pressure at the rising 20-and-50-day EMA,
SUI TVL Soared 260% Since August
According to DeFiLlama, SUI’s Total Value Locked (TVL) saw a massive jump since August, rising from $414 million to $1.49 billion, marking a 260% growth. This significant increase in TVL reflects a substantial influx of capital into the SUI ecosystem, indicating growing investor confidence and adoption of its DeFi protocols.
Such development often drives natural growth for the native cryptocurrency.
However, the crypto analyst also mentioned possibly introducing the bullish thesis if the SUI price breaks below the support trendline. The possible breakdown will accelerate the bearish momentum and drive a sustained correct trend.
Frequently Asked Questions (FAQs)
1. Why do analysts predict SUI price will surpass $2.6?
2. How much has SUI’s Total Value Locked (TVL) grown since August?
3. What happens if SUI price breaks below the support trendline?
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