SUI Poised for $7 Rally? Analyst Points to Bullish Chart Pattern Following a strong start to August, the SUI altcoin encountered resistance, losing momentum and dipping from a peak of $4.1 to approximately $3.2 by the beginning of September. Yet, recent trading activity suggests a resurgence, with SUI gaining over 4% in the last week, fueling analyst predictions of a potential surge to a new all-time high.
Analyst Forecasts 110% Growth for SUI
Prominent crypto analyst Ali Martinez recently highlighted on social media platform X that SUI tokens might be ripe for investor accumulation. According to Martinez, SUI's price has bounced from a crucial support level, which could propel it towards an impressive new high around $7. This bullish outlook is rooted in the identification of an ascending triangle pattern observed on the altcoin's daily chart.
The Significance of the Ascending Triangle
The ascending triangle is a key technical indicator, typically signalling a continuation of an existing uptrend. It forms with a horizontal resistance line and an upward-sloping trendline connecting successive higher lows. Although predominantly bullish, a breakdown below the lower trendline could suggest a trend reversal. For SUI, the token demonstrated strong support after touching the $3.1 level, and it now appears set to breach the upper boundary of this pattern. Martinez calculates the $7 target by adding the vertical distance between the triangle's trendlines to the breakout point, suggesting a potential 110% increase from its current valuation and a 30% jump from its prior all-time high of $5.8. Currently, SUI is trading at approximately $3.38, having appreciated by over 2% in the last 24 hours.
