With a breakout run gaining momentum and the TVL surpassing $900 million, the trendy SUI token is targeting the $3 price point.
As the bull run in the crypto market continues, SUI has stood out as a top performer over the past two weeks. With a surge surpassing psychological marks, SUI teases a trend reversal rally to new heights.
Let’s take a closer look at the rising rally of SUI and figure out its next potential target.
SUI Price to Retest $1.50
Following a massive surge over the past week, the SUI token created a new local swing high of $1.64 today. Currently, it is trading at $1.5544 with an intraday pullback of 2.06% from its $1.59 opening price.
However, the SUI token has increased at an impressive rate over the past seven days, with a price jump of 38.22%. In the past 24 hours, the altcoin has increased by 5.97% and has a market capitalization of $4.15 billion.
On the daily chart, the recovery run in the SUI token creates a rounding bottom reversal following the falling channel breakout. The breakout rally exceeds the 61.80% Fibonacci level with a streak of six consecutive bullish candles.
The intraday candle forms a shooting star candle, ending the bullish streak. However, as the SUI token resurfaces above the $1.50 psychological mark, the chances of an upside continuation have significantly increased.
The bullish crossover in the 50-200 day Exponential Moving Average (EMA) near the $1.00 psychological mark signals a golden crossover, establishing a strong trend reversal possibility following a post-retest reversal of the 61.80% breakout run.
On the other hand, the stochastic Relative Strength Index (RSI) shows the K and D lines entering the overbought zone and giving a negative crossover with the intraday pullback. Hence, a minor retest or a sideways trend is possible before the upside trend continues for SUI.
Will SUI Reach $3?
Amid the broader market recovery, the total value locked on the SUI blockchain exceeds $900 million and hits a new all-time high. Furthermore, well-known crypto analyst Martinez Ali tweets about the recent similarity between the SUI and Solana price actions.
Based on the 2021 bull run in Solana, SUI follows a similar pattern and reveals a massive upside if the trend continues to mirror the fifth-largest cryptocurrency. According to Fibonacci levels, the upcoming targets for SUI are at $1.7492 and the $2.02 psychological mark for next week.
In the long term, with the broader market expected to skyrocket in October’s “Uptober” rally, the 1.618 Fibonacci level near the $3.00 mark is a potential target.