SUI Toekens

Is SUI Ready to Rally? Wave Analysis Points to $4.60–$7.50 Range


Date: Mon, Oct 14, 2024, 05:27 PM GMT

The crypto market is kicking off the week strong with a surge many are calling the “Uptober” rally. Bitcoin (BTC) has climbed close to $66,000, posting a 4.78% gain over the last 24 hours. This bullish sentiment has also lifted several altcoins, including Sui (SUI), a top performer in the Layer-2 category.

SUI has shown impressive momentum, gaining 1.45% today and soaring over 120% in the past 30 days. As of now, the token is trading at $2.24 with a market cap of $6.19 billion.

sui coin price 14 oct
Source: Coinmarketcap

Wave Analysis Hints at Further Gains

CLS Global, a crypto trading platform, released a wave analysis for SUI earlier 1 hour aho, giving insights into potential future price movements. Their charts suggest that SUI is at the start of a five-wave upward impulse, which could drive the coin towards one of two possible price targets:

  • Scenario 1: $4.60
  • Scenario 2: $7.50
sui chart by CLS
Source: CLS Global (X)

The analysis indicates growing interest in SUI, reflected in increased trading volume and a steady flow of positive news. However, the short-term path will depend on whether sellers can maintain resistance at current levels.

Key Resistance Level to Watch

SUI has spent some time trading in a wide range between $0.10 and $2.20. Currently, the price is near the upper end of this range at $2.00–$2.20, where sellers have repeatedly stepped in to halt upward movement (Chart 2). If SUI breaks through this resistance, it could set the stage for further gains.

Source: CLS Global (X)

Relative Strength and Market Performance

In terms of momentum, SUI is slightly outperforming other altcoins (Chart 3), suggesting it has stronger market sentiment behind it. However, a minor pullback is expected as part of a normal market correction before the next upward leg begins.

Source: CLS Global (X)

Several key metrics reflect growing confidence in SUI’s potential:

  • Rising TVL (Total Value Locked)
  • Higher Daily Transactions.

These positive fundamentals, combined with the technical wave analysis, suggest that SUI may experience some pullbacks but is likely gearing up for a strong upward movement.

Conclusion

The overall outlook for SUI looks bullish based on CLS Global’s technical analysis and the rising network activity. If buyers manage to break through the resistance at $2.20, SUI could potentially climb toward the $4.60–$7.50 range in the coming weeks.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making investment decisions.


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