Key Insights:
- A daily candle close above $3 could trigger a 35% upside rally, while failure may drag the price down to $2.50.
- Some analysts on X (Twitter) forecast targets as high as $4.30, $18, and even $46.
Amid ongoing market uncertainty, the Sui price continues to struggle to gain strong momentum. Besides this, the asset has been garnering massive attention from crypto enthusiasts, which hints strong potential of the asset in the long run.
The daily chart reveals that the asset has been hovering within a descending channel pattern, fluctuating between the upper and lower boundaries, and is now approaching the upper boundary.
Current Price Momentum
At press time, the SUI price stands at $2.81, recording a minimal price surge of 0.20% in the past 24 hours. Despite the lack of major momentum in the asset’s price, trader and investor participation has skyrocketed. Data from CoinMarketCap reveals that the asset’s 24-hour trading volume has jumped by 55% compared to the previous day.
This strong surge in trading volume amid ongoing uncertainty suggests significant bullish pressure and could be a sign of potential upside momentum.
SUI Price Action and Key Technical Analysis
According to expert technical analysis, the SUI price is poised for a massive upside rally — but there’s a catch.
As per the daily chart, the asset appears to be facing resistance at the upper boundary of the descending channel pattern, presenting a make-or-break situation for the asset at present time.
SUI Price Prediction
Based on recent price action and historical patterns, if the SUI price fails to gain momentum and is unable to break the resistance at the upper boundary, there is a strong possibility that history will repeat itself and the price could drop to the $2.50 level.
On the other hand, if the SUI price successfully breaks out of the channel and closes a daily candle above $3, a massive 35% upside momentum could be witnessed.
Technical Analysis: 50 EMA and RSI
At press time, the SUI price is trading below the 50-day Exponential Moving Average (EMA) on the daily time frame, indicating a bearish trend and suggests that the bulls are still struggling to regain control.
Whereas, the Relative Strength Index (RSI) stands at 45, indicating that the asset is in a neutral zone with no clear bullish or bearish momentum, but leaning slightly towards bearishness.
Experts’ Sentiment Turns Bullish
Given the current market sentiment, several posts are surfaced on X (Formerly Twitter) where expert have showed a strong interest in the token and also appears making bold predictions.
In a recent post, a crypto expert shared a bold prediction for the SUI price, noting that it could potentially reach either $18 or $46 from its current level. The post on X further stated,
“A couple of things that have to happen first. I want to see above $3.11 in a 5 wave move up. Said another way, you don’t want to see below $2.80, this should be your SL. There’s still risk on the chart and I want to see it blow past that region at least within the next 24 hours.”
Meanwhile, another crypto expert shared a bold prediction that the SUI price could soar to the $4.30 level in the coming days. Moreover, several posts on X have surfaced, making bold predictions and expressing optimistic views about the token.
When combining all these bullish commentaries with the technical outlook, it appears that the SUI price could potentially break its prolonged bearish trend and begin an upside momentum.