Cryptocurrency Expert Forecasts SUI Value to Exceed $2.6 in Upcoming Market Rebound

During the most recent Sunday trading session, the cryptocurrency market witnessed a modest rise, with Bitcoin inching towards a $70,000 threshold. The new crypto asset SUI is showing signs of a promising escalation as ‘Uptober’ enthusiasm makes a comeback, bolstered by its growing Total Value Locked (TVL) and the formation of a bullish pattern. But can SUI’s value reach the $2.6 mark as some analysts predict?

Expert Believes SUI Could Hit the $2.6 Target in Forthcoming Rally

A notable crypto expert, Ali Martinez, recently showcased optimism about SUI, a Layer-1 coin, by signaling a bullish channel pattern on the charts. Generally, such a pattern suggests an upward trend confined within two parallel lines serving as support and resistance that fluctuate.

Every touch of the lower line in this pattern throughout October has reignited SUI’s upward trend, with its price reaching $2.04 at the moment and approaching the support line for another potential upward leap.

Should past trends continue, analysts foresee a climb to the $2.61 level, equating an increase of 22.9%. With the SUI Foundation addressing rumors related to a $400 million insider sale, the coin is expected to rise consistently within the confines of the pattern.

A breakout above the channel’s resistance might signal that investors are gearing up for a rally filled with high momentum.

Alternatively, if there are any price pullbacks, the SUI token is likely to find reliable buyer interest at the ascending 20-and-50-day EMA levels.

Noticeable 260% Surge in SUI’s TVL Since August

Data from DeFiLlama show a noticeable 260% surge in SUI’s TVL, soaring from $414 million to $1.49 billion since August, signaling a considerable capital inflow to the SUI ecosystem, a testament to escalating investor trust and the adoption of its DeFi protocols.

This is often a precursor to the native token’s organic growth.

Nevertheless, the analysts also caution that a breakdown below the support line could negate the bullish narrative, spurring a prevailing bearish trend.

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Sahil Mahadik

Sahil Mahadik is a seasoned trader with over three years of experience navigating the financial markets. Proficient in technical analysis, Sahil vigilantly monitors daily price action across major assets and indices. His curiosity in financial instruments led him to delve into the cryptocurrency space, where he leverages trading opportunities driven by his expert insight.

Disclaimer: The content presented may reflect the personal opinion of the author and is subject to prevailing market conditions. Always conduct your research before cryptocurrency investments. The author or the publication assumes no responsibility for personal financial loss.