SUI Cryptocurrency Showcases Potential for a Higher Rally Amid Increasing TVL and a Bullish Pattern Formation-web3.0-php.cn

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SUI Cryptocurrency Showcases Potential for a Higher Rally Amid Increasing TVL and a Bullish Pattern Formation

Susan Sarandon

Oct 21, 2024 am 06:22 AM

Crypto Price Prediction Sui $2.6

The crypto market showcased a slight uptick during Sunday's trading as Bitcoin headed close to a $70,000 breakout.

SUI Cryptocurrency Showcases Potential for a Higher Rally Amid Increasing TVL and a Bullish Pattern Formation

**FAQs**

**1. Why do analysts predict SUI price will surpass $2.6?**

A recent bullish outlook for the Layer-1 cryptocurrency SUI was highlighted by renowned crypto analyst Ali Martinez 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.

**2. How much has SUI’s Total Value Locked (TVL) grown since August?**

SUI's Total Value Locked (TVL) has soared by an impressive 260%, rising from $414 million to $1.49 billion, as reported by DeFiLlama. This substantial increase in capital注入 into the SUI ecosystem highlights the growing interest and adoption of its decentralized finance (DeFi) protocols among investors.

Such development often translates to a natural growth momentum for the native cryptocurrency, as observed in the emerging crypto space.

**3. What happens if SUI price breaks below the support trendline?**

In case the SUI price pulls back from the lower support trendline, or if a bearish candle closes below it, the bullish thesis may be invalidated. This scenario could introduce a higher probability of the emerging cryptocurrencyلينكات مفتوحة جديدة مواجهة a sustained bearish momentum and drive a deeper pullback from the prevailing bullish trend.

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