SUI Price Hits New Highs – Here's Why Elite Analysts Say It's Just the Beginning!

SUI's impressive breakout from previous price patterns and upward momentum has elite analysts predicting this might only be the start of a prolonged bullish trend.

Crypto influencer Lucky on X (formerly Twitter) pointed out the impressiveتوانا breakout from a descending channel that SUI has managed to achieve, highlighting key price levels and support zones that have played a crucial role in the token’s price action of late.

SUI was trading within a descending channel from April to early August, indicating a period of consistent lower highs and lower lows. This pattern typically signifies a bearish phase, where a token struggles to gain traction and move against the downtrend.

However, a breakout from this descending channel occurred in mid-August, signaling a shift in sentiment and the initiation of a bullish trend. From that point onward, SUI has experienced a steady uptrend with significant price growth and strong momentum, indicating a bullish phase that has pushed the token to new highs.

Lucky highlighted SUI’s price journey through key levels, showing that traders who “faded” the token at $1, $2, and even $3 missed out on significant opportunities. With each support level being established firmly—first at $1.00, then at $1.67, and now at $2.40—SUI’s chart depicts a powerful upward trend that has fueled its rise to new highs.

Recently, SUI has encountered specific support and resistance zones as it continues its price movement. The $1.00 level initially served as a base, where buying interest surged after the breakout from the downtrend channel.

As the uptrend continued, $1.67 emerged as a secondary support level, providing a stable platform for the token’s further growth. Currently, SUI is trading around the $3.00 mark, with $2.40 acting as a potential support level in case of a pullback. This steady progression through key levels highlights the increasing interest in SUI among traders and investors.

According to Lucky, long-term holding in SUI may offer substantial rewards over time. He advises against rushing into a position, emphasizing that patience and strategic entries are more beneficial in the long run.

The above is the detailed content of SUI Price Hits New Highs – Here's Why Elite Analysts Say It's Just the Beginning!. For more information, please follow other related articles on the PHP Chinese website!