SUI Poised for Potential 30% Surge to $2.29 as Bull Flag Emerges
Despite a week of relatively sideways movement amidst renewed market optimism, the SUI token could be gearing up for a significant price surge. According to a prominent crypto analyst, this recent period of consolidation might be a strategic pause before a substantial bullish breakout, potentially pushing the altcoin to new short-term highs.
Bullish Signals: The $1.84 Threshold
Crypto analyst Ali Martinez recently pinpointed an intriguing chart setup for SUI, signaling a potential rally. His analysis reveals the formation of a "bull flag" pattern on SUI's 4-hour price chart. This technical indicator typically signifies the continuation of an existing upward trend following a period of price consolidation. For this bullish scenario to materialize, SUI needs a decisive and sustained breakthrough above the critical $1.84 mark, which represents the upper boundary of its current range.
Target Set: A 30% Price Jump on the Horizon
Should SUI successfully breach the $1.84 resistance level, Martinez projects a significant upward movement. The analyst calculates a short-term target of $2.29, derived by adding the vertical height of the bull flag's "flagpole" to the anticipated breakout point. This forecasted price jump represents an impressive gain of nearly 30% from SUI's current trading levels, indicating a strong upside potential for investors in the immediate future.
Current Market Position and Long-Term Strength
At the time of writing, SUI is trading around $1.78, reflecting a minor 0.9% dip over the past 24 hours and a 1.7% decrease in the last seven days. These short-term fluctuations highlight the ongoing tug-of-war between bullish and bearish sentiments in the market. However, zooming out reveals a more robust picture: SUI's value has appreciated by more than 28% on the monthly timeframe. This consistent long-term growth has enabled the token to maintain its position within the top 30 cryptocurrencies by market capitalization, showcasing underlying resilience despite recent daily volatility.
