SUI Price Prediction: Will This Solana-Killer Hit $2 This Week?

With a bullish recovery in the crypto market, the altcoins market cap is close to hitting the $900M valuation. Amid the rising appetite of investors

As the crypto market experiences a bullish recovery, the total market capitalization of altcoins is nearing the $900M mark. With investors' interest piquing, altcoins are surging with substantial upside potential. Among these altcoins, SUI, a promising Solana-killer, is projecting a possible price increase of 2x. In light of this, should you consider buying SUI this week?

Tracking SUI Price at $0.90: A Crucial Crossroads

Examining the SUI token's price action on the daily chart reveals a falling channel pattern. However, early August brought a strong uptrend, boosting the SUI price by 90% in just a week, culminating in a breakout from the falling channel.

This bullish rally propelled the token from the $0.53 support level to the 50% Fibonacci retracement level at the psychological $1 mark. Following this surge, the SUI token experienced a pullback, potentially retesting the breakout level as it touched $0.80.

Despite this pullback, the SUI price quickly rebounded with a 9.34% jump last night, forming a bullish engulfing candle. Moreover, the post-retest reversal in the altcoin hints at a potential bull run ahead.

However, the rapid loss of momentum serves as a warning for buyers. At present, SUI trades at $0.90, exhibiting a slight intraday movement of 0.26%, forming a doji candle.

Analyzing Technical Indicators:

Moving Average Convergence Divergence (MACD): The MACD indicator reveals that the MACD and signal lines narrowly escaped a bearish crossover.

Relative Strength Index (RSI): The daily RSI line bounced back from the halfway mark, remaining above the 14-day moving average.

Can SUI Price Reach $2?

According to the Fibonacci retracement, the current SUI price is close to the 38.20% level. This price point is a crucial juncture, and the breakout of the $1 psychological resistance will determine whether the uptrend continues in the altcoin.

If successful, this breakout could drive the SUI price towards its all-time high of $2, resulting in a 100% surge post-breakout. On the downside, a bearish continuation would target the 23.60% Fibonacci level at $0.73.

The above is the detailed content of SUI Price Prediction: Will This Solana-Killer Hit $2 This Week?. For more information, please follow other related articles on the PHP Chinese website!