Is SUI Price Rally Set to Outperform Altcoins?
The crypto markets kicked off the week with significant gains as Bitcoin surged above $87,000, gaining momentum. While other tokens also saw an increase, the intensity was lower compared to Bitcoin. One token, in particular, is catching the attention of investors with massive volume – SUI. This surge in volume suggests that investors may be extremely bullish about the upcoming price action, indicating that the SUI price rally is poised to demonstrate one of the most bullish cycles and potentially outperform popular altcoins in the near future.
Strong Momentum for SUI Price
The SUI price has been showing strong momentum since reclaiming the $2.2 zone, accompanied by a notable rise in volume. Rebounding from yearly lows, which have acted as a strong support level, the price is expected to see a significant upswing from its current consolidation. This could potentially lead to a target that is 35% above current levels.
However, the key question remains whether the bulls can sustain these gains or if the upswing will be short-lived.
Potential Breakout for SUI Price
Looking at the chart, the SOL price is currently trading within a falling wedge pattern and appears to have reached the apex of the consolidation. The declining volume is now recovering, indicating a potential increase in trading activity. Additionally, the +Di & -Di lines are on the verge of a bullish crossover, which could turn the DMI bullish. This suggests that the SUI price may break above the pattern and initiate a strong upswing.
Despite the bears’ efforts to keep the price within a range, the recovering volume signals a potential breakout with sustained growth. With momentum building for a breakout, the SUI price could initially reach $4 once the breakout occurs.