SUI Price Eyes Rally To $10 As Falling Wedge Pattern Forms

Sui price is exhibiting strong bullish momentum with its price moving to the $4 level. Breakout of the falling wedge chart pattern has been noted by several analysts, and it is expected that the token may head towards the $10 level.

Trading at $3.04 now, SUI has registered solid gains across the board. This includes a 10.6% increase in the past 24 hours and 56.1% growth over the past week.

SUI price eyes falling wedge pattern breakout

Multiple cryptocurrency analysts have shared SUI’s recent technical breakout as a strong indicator for future price appreciation. In addition, analyst Crypto Rand described in a tweet the move as a massive bull breakout on the main downtrend channel. He suggested that the token is looking primed for further gains. This sentiment is echoed by analyst Coinvo, who explicitly referenced the massive SUI falling wedge breakout.

The falling wedge pattern is a bullish reversal formation that develops when price makes lower highs and lower lows but with converging trendlines. This generally signals the end of a downtrend. Analyst Michaël van de Poppe further reinforced this outlook and noted that a strong breakout is occurring and advising followers to consider being dip buyers in the coming trend.

The bullish case is strengthened by broader timeframe analysis from Bitcoinsensus. The analyst identified an ascending wedge pattern forming since June 2023. He also shared a “bullish high time-frame confirmation with a break of trend on the RSI on the weekly.”

Price predicted to hit $10

Analysts have placed huge targets for SUI price on the technical breakout. Ledora, who refers to SUI as their “number 1 alt pick.” He predicted that the token will reach new all-time highs in the near future and stated “$10 is coded.” This is more than a 200% premium from the current price.

A more accurate technical prediction is by Bitcoinsensus, who has set a next target price at $11.50 for SUI on the week-long time frame. This is according to SUI’s behavior within an ascending wedge structure since June 2023, as well as the recent bullish confirmation by the Relative Strength Index (RSI) on week-long charts.

SUI’s latest performance data verify such optimistic expectations. The token has gained 31.2% over the past month. Even in one-year performance, the token has grown by a staggering 150.1%.

The token is becoming more notable, as seen through its position among the top 5 made-in-America cryptocurrencies, as per CoinGecko figures. SUI is at number five, barely behind only XRP ($125B), Solana ($76.3B), USDC ($61.8B), and Cardano ($24.4B) among made-in-America digital currencies.

CoinGape has also dove into the potential SUI price prediction, which shows a 46% bullish possibility.