SUI Climbs 36% Amid Bullish Breakout – Is $1.50 The Next Target?
18 September 2024 - 11:00PM
NEWSBTC
SUI has made some gigantic moves recently, posting strong bullish
signals. In the last week, SUI registered an impressive 33% rally,
pushing the price up to $1.18 at press time. This is getting people
wondering whether the token is preparing for a longer ascent, as
many are waiting for key levels that might influence the situation.
Related Reading: Bitcoin On Track For $92,000 ‘Bounce’ In 3 Months,
Analyst Predicts Price forecast for the altcoin predicts
significant increase in the next few months. A strong upswing could
propel the SUI to soar by 245% in the following three months. The
price chart of SUI shows a sequence of higher highs and lower lows,
which confirms this view—textbook evidence of optimistic momentum.
SUI has gradually climbed from a low of $0.60 early this year,
passing through several resistance zones along the way. Bullish
Trend Signals Strength SUI’s price movement indicates that bullish
sentiment is gathering steam. The token’s capacity to breach
resistance zones points to perhaps more fuel left for the rally.
Market observers are closely monitoring the next significant
resistance level at $1.2047. Should SUI exceed this barrier, the
following targets should lie between $1.50 and $1.80. While the
support held high at $1.125, a firmer layer of support is observed
at $1.045. The battle is on between the bulls and the bears, but
the momentum seems to be on the side of the bulls. What would be
the final test is whether they can push SUI past these resistance
levels to trigger another round of buying. Volume And Open Interest
On The Rise Supporting the bullish outlook is the increase in
volume and open interest. Data from Coinglass shows the trading
volume of SUI has risen 3.25% to $1.83 billion while open interest
is up 11.85% at $331 million. This rising trade volume indicates
growing interest in this token,. With the increasing engagement,
people seem to have big confidence in the short-term prospects of
SUI. With these uptrends, the market sentiment is going strongly on
a roll to sustain this rally. Technical signals and trading
activities are showing good numbers for SUI bulls. Price
Predictions Show Optimism The three-month prediction on price for
SUI is quite optimistic. Analysts predict the coin rising 245.86%
over the next three months. This would signify a massive rise from
its present levels, indicating important momentum to be seen within
the market and investors. Further ahead, the six-month projection
is estimated to increase by 180.47% while the one-year outlook will
hike by 166.62%. Related Reading: The Sandbox (SAND) Sets Sights On
1,111% Growth Amid Crypto Market Pressures These numbers suggest
that SUI might continue posting steady gains in the medium and long
run, despite being traded at 228% below estimates in the next
month, suggesting optimism is still around it. Investors are
waiting and on the lookout for when SUI will cross past these key
levels, which may unlock and open up better prospects for the
future. The coin is drawing further attention as it moves with
bullish technical signals coupled with increasing volume and
positive price forecasts. It may be about to embark on a protracted
rally considering the current position of the token, where it has
managed to breach the strong resistance levels of around $0.016.
Featured image from Chainwire, chart from TradingView
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