SUI About To Break ATH Again Can Bulls Target $4.20 This Week?
SUI trades at crucial supply levels, sparking intense speculation among traders and analysts about its next move. After recently reaching a new all-time high (ATH), the price failed to sustain above its previous ATH, raising concerns about whether this was a genuine breakout or merely a fakeout. The current price action has left market participants waiting for confirmation as bulls attempt to reclaim dominance.
Renowned analyst and investor Carl Runefelt has shared a bullish outlook for SUI, predicting an imminent breakout. According to his analysis, a successful push above the current supply levels could trigger a rally toward $4.20 in the coming daysor potentially within hours. Runefelts perspective adds confidence to the market sentiment, suggesting that SUI still holds the potential to reclaim its upward trajectory despite recent setbacks.
The coming days are crucial for SUI as traders monitor whether bulls can overcome the key resistance levels. A decisive breakout could solidify SUIs position as one of the most promising assets in the crypto market.
At the same time, a failure to do so might result in prolonged consolidation or a deeper pullback. All eyes remain on the $4.20 target and SUIs bullish momentum.
SUI Only 5% Away From ATH
SUI recently surged to a new all-time high (ATH) but failed to hold above the previous ATH of $4.05 set on November 17. Despite this brief pullback, the price action indicates that SUI remains poised to reclaim and surpass its ATH, with analysts and investors expecting significant upside momentum shortly.
Top analyst Carl Runefelt provided a detailed technical analysis on X, highlighting that SUI recently broke out of a 4-hour symmetrical triangle pattern, signaling bullish momentum. SUI trades within a bullish flag formation, a classic continuation pattern often preceding substantial price rallies.
Runefelt has set a price target of $4.20 in the coming hours, which he believes could act as the next major resistance before SUI establishes new highs.
The broader market environment adds further confidence to this bullish outlook. With strong momentum, Bitcoins breakout above the $100K level has historically triggered altcoin rallies as liquidity flows from BTC into smaller assets. This dynamic positions SUI for a potential surge as it benefits from heightened interest across the cryptocurrency market.
While the short-term outlook for SUI appears bullish, the price must break and hold above its previous ATH to confirm sustained upward momentum. All eyes are on $4.20 as traders await the next move in SUIs exciting rally.
Price Discovery Rally Or Settling Correction?
SUI is trading at $3.83 after briefly breaking its all-time high (ATH) but retracing over 6% from the recent peak. Despite the pullback, the price remains within striking distance of key resistance levels that could determine its next move. If SUI breaks above $3.88 and successfully reclaims the November 17 ATH at $3.94 as support, it will likely trigger another breakout, setting the stage for a price discovery rally.
Reclaiming and holding these levels would signal strong bullish momentum, potentially driving SUI into uncharted territory as buyers fuel the next leg of its rally. Such a scenario would align with the broader market sentiment following Bitcoins recent rally above $100K, which has historically increased demand for altcoins.
However, there is a risk if SUI fails to break above $3.88 and $3.94 in the near term. A rejection at these levels could result in continued consolidation as the price struggles to find direction. This would likely keep SUI trading within a range, frustrating bulls seeking a breakout. Worse, a failure to maintain support could lead to a deeper correction, testing lower demand zones and cooling market enthusiasm.
Featured image from Dall-E, chart from TradingView
Read more: https://www.newsbtc.com/sui/sui-about-to-break-ath-again-can-bulls-target-4-20-this-week/
Text source: NewsBTC
