Date: Tue, Oct 29, 2024, 05:22 AM GMT
The cryptocurrency market is currently showcasing strong bullish momentum, with Bitcoin (BTC) surging 5.86% to $72,900, inching closer to its all-time high of $73,777. Following this trend, top altcoin Sui (SUI) has dominated the altcoin sector, rallying over 25% in the past 24 hours and reaching a price of $2.06.
This significant uptrend for SUI is backed by impressive inflows, surpassing those of both Ethereum and Solana, solidifying its place as a major altcoin to watch.
SUI Surpasses Ethereum and Solana in Inflows
One of the primary drivers behind SUI’s remarkable rally is the substantial capital inflow it has attracted. According to real-time data from Artemis, SUI recorded the highest inflow among major chains over the last 24 hours, reaching $24.6 million.
In comparison, Ethereum saw $10 million in inflows, while Solana had $8.3 million. Outflow data further highlights SUI’s strength, as Ethereum experienced a significant $43 million in outflows and Solana $4.9 million, while SUI has $4.8M indicating shifting investor sentiment towards SUI.
Could the Cup and Handle Pattern Fuel More Gains?
In addition to strong inflows, SUI’s technical chart by crypto analyst @cryptclay, shows a bullish “Cup and Handle” pattern, a classic formation that often signals the potential for further upward movement. Following today’s rally, SUI has successfully retested the neckline of this pattern, reinforcing bullish sentiment.
Technical Targets and Analysis:
- Cup’s Handle Target at $6.90: With the completion and successful retest of the cup and handle pattern, the first major target for SUI is $6.90. This level, marked on the chart, represents the potential price point if the handle portion of the pattern fully plays out.
- Cup and Handle Full Pattern Target at $9.60: The longer-term target, based on the full cup and handle pattern, is set at $9.60. This target aligns with the measured move of the cup formation, projecting a substantial upside from the current levels.
- Positive Retest of the Neckline: After breaking above the neckline of the pattern, SUI has confirmed the breakout by successfully retesting this level, signaling potential for sustained gains. This retest adds further validation to the breakout, giving traders more confidence in the continuation of the uptrend.
- Upward Momentum in the Crypto Market: SUI’s bullish chart pattern is supported by the overall positive sentiment in the cryptocurrency market, with Bitcoin nearing its ATH. If BTC continues its upward trajectory, this momentum could further support SUI’s bullish breakout.
What’s Next for SUI?
With strong inflows, a successful cup and handle breakout, and robust market sentiment, SUI appears well-positioned for further gains. The next key levels to watch are the cup’s handle target of $6.90 and the full cup and handle target of $9.60. If SUI continues to hold above its neckline support, these targets could come into play in the near future.
As always, while technical patterns provide insight into potential price movement, investors should monitor overall market conditions and manage risk carefully.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.