With a bullish recovery in the crypto market, the altcoin market cap is approaching the $900 million mark. With investors’ appetite increasing, altcoins are skyrocketing with growing upside potential. SUI, a potential Solana killer, predicts a possible 2x price jump in the future. So, should you consider buying SUI this week?
SUI at $0.90 is at a crucial crossroads
The price action of the SUI token shows a falling channel pattern on the daily chart. However, a strong recovery occurred in early August, which saw the SUI price increase by 90% in just one week and resulted in a breakout from the falling channel.
The bullish rally pushed 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 witnessed a pullback and possibly retested the breakout level as it reached $0.80.
Despite this decline, SUI price quickly recovered yesterday evening, rising by 9.34% with the formation of a bullish engulfing candle. Moreover, the altcoin’s reversal after the retest indicates a possible bull run.
However, the rapid loss of momentum is a warning signal for buyers. Currently, SUI is trading at $0.90, showing a slight intraday movement of 0.26% and forming a Doji candle.
Technical indicators:
MACD: The MACD indicator shows that the MACD and signal lines narrowly avoided a bearish crossover.
Relative Strength Index: The daily RSI line rebounded from the halfway mark and remained above the 14-day moving average.
Will SUI price reach $2?
According to Fibonacci retracement, the current SUI price is near the 38.20% level, making it at a crucial point. The breakout above the psychological resistance of $1 will determine whether the uptrend in the altcoin will continue.
If this breakout is successful, it could push the SUI price to its all-time high of $2, resulting in a 100% increase after the breakout. On the downside, a bearish continuation would target the 23.60% Fibonacci level at $0.73.
