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With a market cap of $4.25 billion, SUI is a rising name in the crypto industry. The SUI token is trading at $1.59, with almost 50% surge in the last seven days. Over the past 24 hours, it has increased by 9.82% and marks a remarkable growth.
As one of the top performers, SUI is trending in the crypto market and teases a potential bull run this week and the upcoming October rally. Let’s look at the SUI price chart and analyze the upcoming targets for this rising altcoin.
SUI Bull Run Crosses $1.50
In the daily chart, the SUI price action reveals a massive surge with seven consecutive bullish candles to surpass the $1.50 psychological mark. Furthermore, the recovery run for SUI forms a rounding bottom reversal from the $0.5349 bottom.
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Since then, the altcoin has increased by almost 200% within the last 50 days. Based on the Fibonacci levels, the recovery rally exceeds the 61.80% Fibonacci level at $1.4883 and is heading to challenge the 78.60% level at $1.7475.
The technical indicators are turning extremely bullish with the sudden trend reversal. Further, the bullish crossover in the 50 and 200-day EMA marks a golden crossover, with the rising 100-day EMA ready to surpass the 200-day EMA.
With the crucial EMAs ready to gain a positive alignment, the demand for SUI is increasing at an impressive rate. Additionally, the daily RSI line enters the overbought territory and stands at $1.8484 with a boost reflecting the overbought nature. Hence, a minor retest of the 61.80% Fibonacci level breakout is possible while avoiding a closure below $1.50.
In the broader picture, the recovery rally forming the rounding bottom pattern shows a decline at the swing high of the $2 psychological mark. Based on the Fibonacci level, a breakout of this level will target the next psychological mark of $3.00 near the 1.618 Fibonacci level.
Analyst Relates SUI To Solana’s Bull Run as TVL Hits $900M
As the demand for SUI grows, the total volume locked over the SUI blockchain has surpassed the $900 million mark. Based on the data from DeFiLlama, SUI TVL is at an all-time high level with a 24-hour volume of $76.75 million.
Furthermore, in a recent tweet, a well-known crypto analyst, Martinez Ali, highlights the similarity between the SUI and the Solana price actions. As the Solana price has incredibly surged from nearly $10 to almost $260 in the 2021 bull run, the price action in SUI near the $2 psychological mark could scale to $50 by next year.