SUI Price Breakout Next? Analyst Sets $2.3 Short-Term Target

The SUI worth struggled to duplicate its early-year momentum over the previous week regardless of the final market seeing renewed optimism. The altcoin’s worth largely moved sideways, oscillating between the $1.70 – $1.90 ranges. According to a preferred analyst on the social media platform X, this slight inactivity may be a bullish sign of what’s to return over the subsequent few weeks.

Is SUI On The Verge Of A 30% Surge?

In a January 18 publish on the X platform, crypto analyst Ali Martinez shared an fascinating chart setup for the SUI worth. According to the market pundit, a get away of the present chart setup might see the altcoin attain the $2.29 stage over the approaching weeks.

The rationale behind this optimistic prediction is the formation of a bull flag sample on the 4-hour timeframe of the Bitcoin worth chart. The bull flag is a technical evaluation sample characterised by a interval of steep upward motion (the flagpole) sometimes adopted by sideways or barely downward worth motion.

Typically, the bull flag features as a prevailing continuation sample for an current upward development, suggesting a possible transfer to the next worth level. While this chart is usually a bullish sign, it’s essential to attend for a profitable breach of the higher boundary of the consolidation vary; this will increase the percentages that the worth will proceed in its upward trajectory.

As proven within the chart above, the worth stage that must be damaged to substantiate the uptrend continuation lies across the $1.84 mark. Meanwhile, the goal for this chart sample is often calculated by including the vertical peak of the flagpole to the potential breakout level from the flag.

According to Martinez, a sustained break above this stage might see the SUI worth run as much as as $2.29, representing an nearly 30% surge from the present worth level.

SUI Price Overview

As of this writing, the worth of SUI stands at round $1.78, reflecting a mere 0.9% dip up to now 24 hours. This tame day by day motion highlights the indecisiveness at the moment affecting this altcoin market, because the SUI bulls and bears battled for dominance over the previous week. According to CoinGecko knowledge, the altcoin’s value is down by 1.7% within the final seven days.

However, this previous week’s struggles haven’t been sufficient to wipe out SUI’s current success, particularly on broader timeframes. For occasion, the altcoin’s worth has elevated by greater than 28% on the month-to-month timeframe. With this optimistic efficiency, the token has maintained a place inside the prime 30 largest cryptocurrencies by market cap.