The price of SUI recently entered a new phase of price discovery, moving beyond its previous all-time highs (ATH). Following a significant technical breakout, this price action suggests that SUI could be on the verge of reaching double digits soon. According to the analyst King Crypto, the token has been hitting new ATHs daily, especially after flipping a key resistance level to support.
This shift in price action has sparked predictions that SUI could soar to $10, with some even forecasting a target of $15. King Crypto emphasizes the strength of the current momentum, suggesting that any pullbacks in SUI’s price are merely a springboard for the next upward movement.
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SUI Chart Analysis: Price Discovery and Bullish Momentum
The chart for SUI confirms that the token has entered a price discovery phase, marked by an upward trajectory since breaking through its previous resistance.
The chart shows that since late August, when the $2.3 resistance level was broken and turned into support, the token has been climbing steadily. During this phase of price discovery, the token has already managed to blow past the previous all-time highs, which suggests that there is more room for growth.
The MACD on the chart shows the strength of this bullish movement with the MACD line placed above the signal line. Both the short and long term moving averages have maintained an upward bias.
The positive development in moving averages continues to bolster the strong bullish trend. Given that SUI’s price keeps beating its previous ATH, time and again, experts are remaining patient during this time as the token attempts to find new price levels.
Support Levels and Breakout Confirmation
King Crypto mentioned the crucial support at the $2.3 level, which was previously a resistance point. Since flipping this resistance into support, SUI has shown consistent upward movement.
This shift is a significant technical indicator that the token has entered a strong bullish trend. As long as the price holds above this level, analysts are confident that SUI will continue to rise.
The chart also shows another key level at $1.6, where SUI’s price reversed earlier in August. This lower support level provides further security for any pullbacks, as the token could use this support as a foundation for future rallies.
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SUI’s Potential Price Targets
The optimistic price targets of $10 and even $15 are not far-fetched, considering the recent momentum. As King Crypto pointed out in the tweet, these predictions are being fueled by the strength of the meme meta surrounding SUI, which is gaining more attention in the crypto community. Given the current bullish trend and the solid support levels, analysts suggest that reaching double digits is a likely scenario if the token maintains its upward momentum.
Any pullbacks that occur could provide buying opportunities for those looking to enter before the next leg of the rally. As SUI’s price continues to break through resistance levels, the potential for further gains remains high. However, market participants are advised to monitor key support levels closely to gauge the sustainability of this bullish trend.
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