NewsletterIs SUI Price Ready for a Breakout? Analyst Sees Path to $10 Long-Term
Highlights
- Crypto analysts hint at a $10 target for SUI price amid bottom formation and bullish chart pattern.
- A flag pattern formation drives the current correction trend in SUI.
- The SUI network has surpassed 26 million active addresses, indicating strong network expansion and increasing user engagement.
The cryptocurrency market witnessed a surge in selling pressure ahead of the U.S. presidential election. With the Bitcoin price dropping below $70,000, the altcoin market shows signs of a fresh correction trend. However, crypto analysts believe this pullback is temporary, and a high-performing asset like SUI could offer a major price breakout. Will the renewed recovery target $10?
Is SUI Price Poised for Breakout? Analysts Predict $10 Long-Term Potential
In a recent tweet, market analyst CryptoMan highlights a bullish outlook for SUI price despite a recent market pullback. The layer-1 cryptocurrency SUI has recently recorded $24.3 million in net inflows, outpacing popular assets like Solana and Ethereum and increasing investor interest.
His 4-hour chart analysis shows the SUI price is actively resonating between a downsloping resistance and horizontal support around $1.8. While the consolidation could prolong this week, the coin price is poised for an imminent breakout.
CryptoMan stated, “I believe the bottom is in, and from here, we’re looking at a solid push to 2.1, with the potential to hit $4 by year-end.”
However, if the market anticipation for a bull run aligns, the SUI price could set its long-term target at $10.
According to Suivision data, the network’s total number of active addresses has recently surpassed 26 Million. This milestone signifies strong network growth and rising user engagement, indicating increased interest and wider adoption of the SUI ecosystem.
The historical trend shows a sustained price rally is often backed by the core network activity, such as active addresses.
SUI Price Analysis: Flag Pattern Hints Impeding Breakout
By press time, the SUI price trades at $1.87 with an intraday loss of 3.7%. Consequently, the asset’s market cap fell to $5.34, while 24-hour trading volume wavered at $695.4 Million.
This bearish turnaround in the daily chart shows a reversal within a well-known continuation pattern called flag. Theoretically, this chart setup displays the dominant market trend with ‘Pole’ and temporary correction within two trendlines as ‘Flag.’
If the crypto market today signals a prolonged downtrend, the SUI price could tumble 16% down to retest flag support at $1.56.
On the contrary, if the upcoming U.S. election boosts market recovery, the coin buyers could attempt a flag pattern breakout to ignite renewed bullish momentum.
Frequently Asked Questions (FAQs)
1. Why are analysts predicting a $10 target for SUI price?
2. What technical patterns are influencing the current SUI price trend?
3. What are the potential short-term movements for SUI?
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