SUI Rally Potential: Historical Patterns Could Drive Price to $20
- SUI is currently trading at $1.80 and has shown a decline of 9.04% over the past day.
- The key support level at $1.98 could trigger a rise to $2.08 targets.
- Historical trends indicate a possible rise of 860%, which could further push the SUI to $20.
Sui (SUI) is showing signs of a potential rebound after recent losses, currently trading near $1.85. Market analysts are closely monitoring a critical level of support at $1.98, which may trigger a massive shift upward. It is reported that if the SUI token sustains the level, history may repeat itself, and a massive rally towards $20 may be triggered.
Currently, SUI is trading at $1.80 and has shown a decline of 9.04% within the past 24 hours. Moreover, the trading volume over a period of 24 hours is $1.74 billion, and the market cap is $6.71 billion, with a dominance of 0.20%. Despite the recent decline, analysts see signs of a potential rebound in the near term.
Source: TradingView
Key Support Zone Holds $1.98 Price
SUI is also trading within a rising channel. The token is closely following the trend of the rising channel. The technical analysis scans indicate that the token could break through and re-test the borders of the token rising channel.
Source: TradingView
The Relative Strength Index (RSI) indicates that the downtrend line is almost reaching the breakout and retest phase, which also indicates a possible upward movement. Moreover, the important level of $1.98 is also creating a robust floor for the prices. Token is also moving above the 100-period moving average, which also depicts a level of confidence.
As for those analyzing possible entry points, a level of $2.02 is viewed as a positive entry point. The targets for the rise are $2.04, $2.06, and $2.08.
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Repeating Patterns Could Boost SUI Price
Post by Ali highlights a potential massive upside for SUI, citing historical trends. Referring to the last time SUI hit the bottom of the chart’s support level, the analyst illustrates that the token skyrocketed by a phenomenal 1,060%, implying that if the level continues to hold, the token could see a rise of 860%, pushing the prices towards $20.
Source: X
The traders are closely observing the trend, as it could be a sign of a positive moment for token if history repeats itself. This level could be considered a important trading level for the buying of SUI.
Market analysts are also closely observing the behavior of token near these levels of support and resistance during the upcoming trading sessions. The movement of the cryptocurrency within the channel might influence whether the token can recover its upward trend after the recent drop.
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