Sui (SUI) Breaks Out of Consolidation Phase, Raoul Pal Says It Should Be Headed to New ATH's

Crypto expert Raoul Pal says Sui (SUI) seems to have broken out of the recent consolidatory phase, which bodes well for new all-time highs.

Renowned crypto expert Raoul Pal has expressed optimism regarding Sui (SUI) breaking out from a recent consolidation phase. This bodes well for the token's potential to reach new all-time highs (ATHs).

According to Pal's analysis, SUI's price movements over the past few days have seen an impressive increase of over 15% in a single day, piquing the interest of investors and analysts alike.

Data from CoinMarketCap also reveals a significant surge in SUI's market valuation. The token's price has gone up by more than 20%, catapulting its market capitalization to over $5.5 billion. This sharp rise follows a period of price consolidation where the market was preparing for the next big move.

Growing positivity is also indicated by increasing trading volume and market valuation.

$SUI is breaking its consolidation now and should be headed to new ATH's pic.twitter.com/WXKLyMbzY7

A closer look at the Sui price chart reveals some bullish patterns. Starting in late August, the token has shown a strong uptrend, with the price making consistently higher highs and higher lows—an indication of a bullish market.

However, on the daily chart, the price action in September and October tends to tighten these highs and lows, forming what looks like a descending channel. These days of consolidation are marked by decreasing volumes as the market coils up for a potential breakout.

This adds further credence to the breakout, with SUI rallying sharply above previous resistance levels around $1.90. The dynamics of the Sui market become even clearer when clicking on the four-hour chart.

After the breakout, SUI tested resistance at $2.12 and pulled back slightly but gathered strength for another rally. This price action is followed by a huge increase in buying volume, which only adds to the bullish outlook.

Comparatively, the Relative Strength Index (RSI) on a four-hour chart has also moved into bullish territory above 60, indicating continuing buying interest in the market. A bullish crossover of the Moving Average Convergence Divergence (MACD) also signals upward momentum.

With technical indicators leaning toward the bullish side and crypto analyst sentiment being high—positive endorsements from the likes of Raoul Pal underpin this sentiment—a breakout could confirm the direction to new highs. Resistance levels of $2.12 and $2.15 are closely watched by market participants.

The above is the detailed content of Sui (SUI) Breaks Out of Consolidation Phase, Raoul Pal Says It Should Be Headed to New ATH's. For more information, please follow other related articles on the PHP Chinese website!