Will SUI Price Reach $7? Analyst Predicts Path to New ATH
After a strong start in August, the SUI price faced challenges in maintaining its momentum during the latter half of the month. The altcoin's price plummeted from a local high of over $4.1, dropping to around $3.2 as September began. However, over the past week, the SUI price appears to have found new life, increasing by over 4%. Interestingly, analysts believe that the SUI token might just be at the beginning of its journey towards a new all-time high.
Key Points
- The current SUI price is approximately $3.38, reflecting a 2% increase in the last 24 hours.
- Analyst Ali Martinez predicts SUI could rise to $7, representing a potential growth of 110%.
- This prediction is based on the emergence of an ascending triangle pattern on the daily Bitcoin chart.
- SUI found major support around $3.1 and is set to break the upper boundary.
- The current SUI price is about 30% below its all-time high of $5.8.
In-Depth Analysis
In a recent post on social media platform X, prominent crypto analyst Ali Martinez shared his insights, suggesting that now might be the time for investors to start accumulating SUI tokens. He noted that the SUI price has just bounced back from a critical support level, potentially paving the way for a rise to $7. According to technical analysis, an ascending triangle pattern is typically viewed as a bullish formation, indicating the continuation of the initial upward trend.The pattern consists of a horizontal upper boundary (connecting a series of lower highs) and a diagonal rising lower trendline (connecting swing lows). As seen in the highlighted chart, SUI price made a move towards the lower trendline before bouncing back around the $3.1 level. Martinez anticipates that SUI may retest the lower trendline one more time before breaking out of this pattern.