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.
Frequently Asked Questions (FAQs)
Crypto analysts are optimistic about SUI’s long-term potential due to strong network growth and positive technical indicators
The SUI price is currently influenced by a flag pattern, a known continuation setup
In the short term, SUI could face a 16% drop to retest flag support at $1.56 if the broader crypto market continues its downtrend.
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/is-sui-price-breakout-analyst-path-10-long-term/
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