SUI price has been on a bullish trend, reaching the $4 level recently. Analysts have noted a breakout of the falling wedge chart pattern, suggesting that the token may head towards $10. Trading at $3.04 currently, SUI has seen significant gains, with a 10.6% increase in the past 24 hours and a 56.1% growth over the past week.
Several cryptocurrency analysts have highlighted SUI’s technical breakout as a strong indicator for future price appreciation. The falling wedge pattern, a bullish reversal formation, signals the end of a downtrend. Analysts like Crypto Rand and Coinvo have expressed optimistic sentiments, expecting further gains for SUI. Michaël van de Poppe also advised being dip buyers in the upcoming trend.
Broader timeframe analysis from Bitcoinsensus suggests a bullish outlook for SUI, with an ascending wedge pattern forming since June 2023. The analyst shared a bullish high time-frame confirmation with a break of trend on the RSI on the weekly chart. This further supports the potential for SUI’s price to increase and reach new highs.
Analysts have set ambitious targets for SUI price following the technical breakout. Ledora, who considers SUI their “number 1 alt pick,” predicts that the token will reach new all-time highs soon, with a target of $10. Bitcoinsensus has set a next target price at $11.50 based on the token’s behavior within the ascending wedge structure and recent bullish confirmation by the RSI on week-long charts.
SUI has shown strong performance, gaining 31.2% over the past month and 150.1% in one year. The token’s position among the top 5 made-in-America cryptocurrencies on CoinGecko further highlights its increasing popularity. SUI is currently positioned as the fifth largest made-in-America digital currency, behind XRP, Solana, USDC, and Cardano.
CoinGape’s price prediction for SUI suggests a 46% bullish possibility, indicating further upside potential for the token. With the positive sentiment from analysts and the overall market trend, SUI’s price trajectory is expected to continue on an upward trajectory, potentially reaching $10 in the near future. Investors and traders are advised to monitor the developments closely for potential investment opportunities in SUI.
