Sui Rockets Past $1, Analysts See Path to $1.40
The price of Sui (SUI) has reached a four-month high after breaking through the $1 psychological level. In the past 24 hours, the cryptocurrency market experienced a significant surge, with Sui among the top performers.
As of this writing, Sui trades around $1, up 17% in the past day and with a market capitalization surpassing $4 billion. Analyst Ali Martinez identified three bullish factors that could support an additional rally.
The first factor is the Tom DeMark Sequential indicator's buy signal printed in late July, which has already shown traction with Sui jumping by 45% since then. The SuperTrend indicator also flipped to 'buy,' suggesting a broader macro shift from bearish to bullish momentum. Additionally, Martinez noted that the Parabolic SAR could print a buy signal this week if Sui rises above $0.98.
The asset appears to be trading within a parallel channel on the weekly chart, with the mid-range at nearly $1.03 being the immediate upside target and a break above putting the upper boundary at $1.40 in focus.