SUI Price Prediction: After Hitting a Crossroads at $1.74, SUI Is Anticipating a Breakout to $3
- Patricia ArquetteOriginal
- 2024-09-30 21:20:14688browse
After hitting a crossroads at $1.74, SUI is anticipating a breakout to $3 as the total value locked (TVL) on the network surpasses $1 billion.
The price of Sui (SUI) has hit a crossroads at $1.74 after rising anticipation for a breakout to $3 as the total value locked (TVL) on the network surpasses $1 billion.
The SUI network recently celebrated a major milestone with a tweet, announcing that it has attained $1 billion in TVL within two years of launching its mainnet. Being a rapidly growing network, SUI positions itself as a potential competitor to Solana and other established platforms.
As the bull run in altcoins continues to gain momentum and approach the psychological $2 mark, this latest achievement adds to the overall bullish sentiment surrounding SUI. Could this burgeoning network propel the SUI market price to a new all-time high? Let’s analyze.
SUI Reversal Run Crosses $1.50
The SUI token has registered a bullish trend over the past four weeks with a 133% surge, testing the 78.60% Fibonacci level at $1.7454.
The recovery rally forms a rounding-bottom reversal on the weekly chart, with a neckline around the $1.20 psychological level. This pattern is more evident on the daily chart.
On the daily chart, the SUI token showcases a strong bullish rally. The recovery trend shows strong bullish momentum, resulting in a bullish crossover between the 100-day and 200-day EMA.
However, encountering resistance at the 78.60% Fibonacci level raises the possibility of a double-top pattern as buyers face challenges in breaking out. Currently, the SUI token trades at $1.7388 with an intraday pullback of 1.19%, showing some bullish weakness.
Moreover, the MACD indicator shows the MACD line and signal line close to a potential bearish crossover.
Could SUI Price Top $3?
According to Fibonacci levels, a continuation of the uptrend to complete the rounding-bottom pattern could see the price reach the $2.07 mark. A bullish breakout could position the $3 mark as a potential target in October.
On the downside, crucial supports for the altcoin are present at 61.80% and 50% Fibonacci levels at $1.48 and $1.30, respectively.
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