Cryptocurrency markets saw slight gains during Sunday trading as Bitcoin neared the $70,000 breakout. As the “Uptober” sentiment returns, the emerging cryptocurrency SUI shows potential for further upside amid rising TVL and bullish pattern formation. Will SUI price prove crypto analysts’ predictions of a $2.6 increase?
Crypto analysts predict SUI price to break above $2.6 in upcoming bull market
Renowned crypto analyst Ali Martinez in a recent tweet highlighted the bullish outlook for layer 1 cryptocurrency SUI amid channel pattern formation. In theory, the chart setup drives a sustained recovery trend within two parallel trend lines, providing dynamic support and resistance.
Throughout October, the bullish momentum in SUI prices once again made notable gains each time it retested the lower trendline of the pattern. At the time of writing, SUI was trading at $2.04, revisiting the bottom support trendline before making the next jump.
If history repeats itself, codebreakers predict it will soar to the $2.61 level, accounting for 22.9% potential growth. The altcoin is poised to drive a steady rally within a channel pattern as the SUI Foundation clears itself of $400 million in insider sales allegations.
An upside breakout from channel resistance indicates that buyers are ready for a higher momentum rally.
If there is an occasional pullback, the SUI price could experience steady demand pressure at the rising 20-day and 50-day EMAs.
SUI TVL has soared 260% since August
According to DeFiLlama, SUI’s Total Value Locked (TVL) has increased significantly since August, increasing from $414 million to $1.49 billion, marking a 260% growth. This significant increase in TVL reflects a significant influx of capital into the SUI ecosystem, indicating growing investor confidence and adoption of DeFi protocols.
Such developments often foster the natural growth of native cryptocurrencies.
However, the cryptocurrency analyst also mentioned the possibility of introducing a bullish theory if the SUI price falls below the support trend line. A possible breakout will accelerate bearish momentum and drive a sustained correct trend.
Frequently asked questions (FAQ)
Cryptocurrency analysts including Ali Martinez highlight bullish outlook for SUI due to channel pattern formation
SUI's TVL has soared 260% since August, increasing from $414 million to $1.49 billion.
If SUI breaks below the support trend line, analysts suggest the bullish theory could be invalidated
Sahil Mahadik
Sahil is a dedicated full-time trader with over 3 years of experience in financial markets. He has a strong grasp of technical analysis and keeps a close eye on daily price movements of top assets and indices. Drawn by his fascination with financial products, Sahil enthusiastically embraced the emerging field of cryptocurrencies and continues to explore opportunities driven by his passion for trading.
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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