The cryptocurrency market witnessed a surge in selling pressure ahead of the U.S. presidential election. With the Bitcoin price dropping below $70,000, the altcoin market shows signs of a fresh correction trend. However, crypto analysts believe this pullback is temporary, and a high-performing asset like SUI could offer a major price breakout. Will the renewed recovery target $10?
Is SUI Price Poised for Breakout? Analysts Predict $10 Long-Term Potential
In a recent tweet, market analyst CryptoMan highlights a bullish outlook for SUI price despite a recent market pullback. The layer-1 cryptocurrency SUI has recently recorded $24.3 million in net inflows, outpacing popular assets like Solana and Ethereum and increasing investor interest.
His 4-hour chart analysis shows the SUI price is actively resonating between a downsloping resistance and horizontal support around $1.8. While the consolidation could prolong this week, the coin price is poised for an imminent breakout.
CryptoMan stated, “I believe the bottom is in, and from here, we’re looking at a solid push to 2.1, with the potential to hit $4 by year-end.”
However, if the market anticipation for a bull run aligns, the SUI price could set its long-term target at $10.
According to Suivision data, the network’s total number of active addresses has recently surpassed 26 Million. This milestone signifies strong network growth and rising user engagement, indicating increased interest and wider adoption of the SUI ecosystem.
The historical trend shows a sustained price rally is often backed by the core network activity, such as active addresses.
SUI Price Analysis: Flag Pattern Hints Impeding Breakout
By press time, the SUI price trades at $1.87 with an intraday loss of 3.7%. Consequently, the asset’s market cap fell to $5.34, while 24-hour trading volume wavered at $695.4 Million.
This bearish turnaround in the daily chart shows a reversal within a well-known continuation pattern called flag. Theoretically, this chart setup displays the dominant market trend with ‘Pole’ and temporary correction within two trendlines as ‘Flag.’
If the crypto market today signals a prolonged downtrend, the SUI price could tumble 16% down to retest flag support at $1.56.
On the contrary, if the upcoming U.S. election boosts market recovery, the coin buyers could attempt a flag pattern breakout to ignite renewed bullish momentum.
The post Is SUI Price Ready for a Breakout? Analyst Sees Path to $10 Long-Term appeared first on CoinGape.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed