The cryptocurrency market has seen another substantial resurgence in the past 24 hours, with SUI among the top performers.
The asset has drawn bullish forecasts, with some projecting a short-term rise to $1.40, while others have made more optimistic bets.
The Positive Signs
As of this writing, SUI trades around the $1 psychological mark (according to CoinGecko), up 17% in the past day. In fact, this is the highest the price has reached in the past four months, with the token’s market capitalization surging past $4 billion.
The renowned analyst Ali Martinez spotted three bullish factors that could support an additional rally. First, he noted that the Tom DeMark Sequential indicator printed a 13th buy signal in late July. Since then, SUI has jumped by 45%, showing that the initial reversal signal has already gained traction. Next on his list is the SuperTrend indicator, which also flipped to “buy.”
“This suggests the rally could extend into a broader macro shift from bearish to bullish momentum,” he said.
The analyst’s next element is the Parabolic SAR, which could also print a buy signal this week. Martinez estimated that if SUI rises above $0.98 (as it happened), the SAR dot would move below price, thereby confirming an uptrend and potentially acting as dynamic support.
Last but not least, he claimed that the asset appears to be trading within a parallel channel on the weekly chart. He said the structure’s mid-range at nearly $1.03 is the immediate upside target, and a break above would put the upper boundary at $1.40 in focus.
This isn’t the first time Martinez has touched on SUI this month. In mid-September, he said the token’s TD Sequential indicator printed a buy signal on the 12-hour chart, noting that such a formation has been “remarkably accurate at identifying major trend shifts.”
More Predictions
X user Ucan_Coin paid special attention to the $0.9725 area, the top of the range that had held for months. The analyst believes that if this level starts acting as support, the setup has a solid base for a move higher.
“Structurally, we’re seeing higher lows and higher highs forming, which could mean the trend is changing. Above, $1.0370 is the first target, followed by $1.1637 and then the $1.38 area. These levels mark areas where price reacted before. They weren’t drawn randomly,” they claimed.
At the same time, the market observer warned that a drop below $0.9725 would weaken the structure and could hand bears back control.
Captain Faibik and Mikybull Crypto also weighed in, and both stand firmly in the bulls’ corner. The former envisioned a potential jump above $3 in the coming months, while the latter predicted a price explosion to $15.
Source: CryptoPotato
