- SUI’s technical setup has prepared the cryptocurrency for a significant rally.
- Breaking out of a falling wedge sets SUI up for a notable rally.
- Analysts predict a $5 target as SUI’s next level.
Bullish market sentiment has returned to the cryptocurrency market, and analysts now issue more assertive price outlooks.
One such analyst believes SUI’s technical setup is well-suited for an imminent rally, leading to a prediction that the crypto asset will reach a new all-time high soon.
SUI Technical Analysis: Key Chart Patterns Signal Upside
In his latest podcast , the analyst detailed several chart patterns suggesting a potential SUI rally, including a Head-and-Shoulders formation on the one-hour chart. Breaking the upper resistance will boost SUI’s bullish momentum and lead to a significant rally aiming for higher levels.
A falling wedge pattern on SUI’s weekly chart supports this bullish view of the crypto asset’s trajectory. During the analysis, the analyst described the formation as a consolidation phase that SUI has now completed.
By fulfilling the signal, the cryptocurrency has broken out of the wedge and moved in confirmation of analysts’ expectations.
Related: SUI Tops BNB in Daily Volume Amid 260% Yearly Surge and Rising Market Momentum
SUI traded for $3.97 at the time of writing, three weeks after breaking out of the falling wedge pattern, according to data from TradingView. SUI price surge of 140% from its previous lows confirms SUI’s upward reversal and boosts the recovered bullish momentum.
Interestingly, SUI’s bullish behavior cuts across multiple timeframes, with TradingView’s data revealing how the crypto asset broke out of a falling wedge on the daily chart.
Typically, crypto analysts consider aligning patterns across multiple timeframes a significant indicator during notable price movements. Such scenarios cause short-term and long-term investors to view the market from a particular perspective and accommodate a uniform sentiment over the same period.
SUI Market Sentiment: Bullish Echoes of 2024 Return
SUI’s prevailing trend has triggered an overall bullish sentiment for the crypto asset, bringing back the expectations that dominated the crypto asset’s ecosystem in 2024.
Back then, users perceived a non-stop rally that could see SUI become one of the most profitable crypto assets in a bull run.
Related: SUI Flips LINK, Sets Sights on Half of Cardano Market Cap as Price Continues Ascent
Analysts’ next target for SUI is the $5 region, which covers the cryptocurrency’s all-time high at $5.37. Breaking above this level will open the way for a new frontier, which could see the altcoin aim for the moon, having no specific resistance in sight.
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