Potential Breakout Ahead for SUI: Analyst Predicts $2.3 Target

In recent weeks, the price of SUI has faced challenges in mirroring its strong start from earlier this year, despite a wave of optimism permeating the broader market. For the most part, the altcoin has remained in a range, fluctuating between $1.70 and $1.90. However, a well-known analyst on X suggests that this period of stagnation may indicate a bullish trend in the near future.

Key Takeaways

The SUI price has been trading between $1.70 and $1.90, reflecting a period of indecision in the market.
Analyst Ali Martinez predicts a possible target of $2.29 if the price successfully breaks above $1.84.
The bull flag pattern observed may indicate an impending upward trend.
SUI’s price currently sits at around $1.78, with a slight decrease observed in the last 24 hours, yet it has gained over 28% in the past month.

SUI Price

Could SUI Experience a 30% Increase?

On January 18, crypto analyst Ali Martinez shared an insightful chart analysis about the SUI price over on X. He noted that a breakout from the current chart configuration could propel the altcoin’s price to approximately $2.29 in the weeks ahead.

The basis for this optimistic outlook stems from a bull flag pattern observed on the 4-hour timeframe of the Bitcoin price chart. A bull flag is a technical analysis configuration that typically follows a sharp upward move (the flagpole), which is then succeeded by a period of sideways or marginally downward movement.

Usually, the bull flag acts as a continuation pattern for an ongoing upward trend, hinting at a probable advance to a higher price point. While this pattern is often seen as bullish, it's crucial to wait for a successful breach of the upper boundary of the consolidation zone to boost the likelihood of sustained upward movement.

SUI Price Chart
Source: @ali_charts on X

As illustrated in the chart, the price level that must be surpassed to confirm a continued upward trend is around $1.84. Typically, the target for this chart setup is calculated by adding the vertical height of the flagpole to the breakout point of the flag. According to Martinez, if SUI manages to maintain a position above this level, it could rally to as high as $2.29, reflecting an increase of nearly 30% from its current price.

Current Overview of SUI Price

As it stands, the SUI price is approximately $1.78, representing a slight drop of 0.9% in the past 24 hours. This modest daily movement underscores the ongoing uncertainty affecting this altcoin, illustrating the struggle between bulls and bears over the past week. Data from CoinGecko indicates that SUI's value has seen a decline of 1.7% over the last seven days.

Despite the recent fluctuations, SUI's past week's challenges haven't significantly impacted its recent achievements, particularly on longer timeframes. Notably, the altcoin's value has surged by over 28% on a monthly basis. Thanks to this favorable performance, SUI maintains its standing among the top 30 largest cryptocurrencies based on market capitalization.

SUI Price on TradingView
The price of SUI on the daily timeframe | Source: SUIUSDT chart on TradingView