Will SUI reach $3 now that the pullback phase has concluded and a flag breakout rally could extend to 30%?
As the top performer among the top 100 coins, SUI has increased by 12.89% in the past 24 hours. Currently, SUI is trading at $2.08, having reclaimed the psychological threshold, with a market capitalization of $5.74 billion.
Could SUI hit the $3 mark if technical indicators signal a bullish trend and a breakout rally occurs within a shorter time frame?
SUI Flag Breakout Rally Crosses $2
In the 4-hour time frame, SUI’s price action has shown several days of consolidation during a period of heightened market volatility. The recent pullback accounted for a decline of nearly 32%, dropping from a peak of $2.36 to a low of $1.60.
However, following a surge in Bitcoin’s price, SUI has surpassed the $2 mark, resulting in a quick V-shaped recovery. This recovery has seen a price jump of 30%, rising from $1.60 to $2.08.
Additionally, the short-term resistance trendline established during the pullback phase has been unable to impede bullish growth. Hence, with the conclusion of a pullback, the SUI price action reveals a bullish flag breakout rally.Â
The 4-hour Relative Strength Index (RSI) is nearing the overbought zone, suggesting a saturation of buying pressure. Consequently, a minor pullback to retest the broken 23.60% level is possible.
Meanwhile, as the bullish influence has significantly increased, the 50 and 100 EMA in the 4-hour chart are ready for a bullish crossover. Thus, this increases the likelihood of these crucial EMAs regaining a bullish alignment.
Will SUI Cross The $3 Threshold?
Using the trend-based Fibonacci level over the flag pattern, SUI trades above the 23.60% Fibonacci level at $1.97. However, the uptrend is struggling to gather momentum to reach the 38.20% level at $2.1963.Â
Based on the retracement tool, the SUI price will likely reach the 50% Fibonacci level at $2.3712, the peak of the resistance trendline. Meanwhile, the potential target for the bull run remains at $3.1125, the 100% Fibonacci level.
Notably, from SUI’s current price of $2.04, reaching $3.112 would amount to a 52.4% gain. However, before the optimistic target, a crucial resistance is present at $2.79 or the 78.60% Fibonacci level.
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