According to analyst Crypto Man, SUI is showing promising signs of a bullish move with a well-defined cup-and-handle pattern on its price chart. Crypto Man shared his analysis in a tweet, where he highlighted the structure’s bullish potential and noted the formation of a high-volume bullish candle—a key signal that supports upward momentum.
This classic pattern, known for signaling potential breakouts, could point to a substantial rise for SUI, with the analyst setting a target price of $4. The cup-and-handle pattern has long been regarded as a bullish indicator in technical analysis.
In Crypto Man’s SUI chart, the “cup” shows a rounded consolidation phase followed by an initial rise, then a “handle” marked by a minor pullback. This structure suggests a period of strength following consolidation, providing potential entry points if there’s a breakout.
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SUI’s Support Levels and Resistance Zone Observations
SUI’s price action displays strong support around $1.50–$1.60, with multiple tests of this level during the handle formation. This support zone is crucial as it indicates buyer interest, providing a foundation for upward moves.
The resistance level, meanwhile, is located around $2.50. The price has approached this zone severally, and a successful breakout could lead to substantial price gains.
Crypto Man’s analysis also points to a recent bullish candle, which could reduce the likelihood of a deeper correction. As SUI’s price consolidates within the handle, the potential for breakout from the resistance zone grows, as surpassing $2.50 may lead to higher targets.
Read also: Here’s Why Cronos (CRO) Crypto Price Is Pumping
Breakout Potential and Projected Target
Crypto Man’s target of $4 for SUI aligns with projections from the cup-and-handle pattern. This price target is typically derived by measuring the cup’s depth and applying it from the breakout level. The analyst emphasized that a breakout would confirm the bullish structure and likely lead to continued upward momentum.
The tweet noted that while a minor dip may still occur, the overall structure remains intact, with a high probability of upward movement. Crypto Man indicated that any short-term pullbacks could serve as prime buying opportunities before a potential breakout above $2.50.
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