Sui (SUI) is displaying indicators of a potential breakout. Today, market analyst Ali Martinez identified that the altcoin has formed an inverse head and shoulder pattern. Typically, this pattern signals that an asset could see a significant upward movement soon.
SUI targets $3.60
In his X post today, Martinez shared an SUI price chart showing an inverse head and shoulder pattern. This technically suggests a potential trend reversal is imminent.
A formation of this pattern normally signals a possible price change from a downward momentum to an uptrend. Lately, Sui’s price has been in a prolonged downtrend, dropping by 5.5% over the past week.
Despite the recent slump, Martinez remains confident about Sui’s ability to reverse the downtrend. He projects that the asset’s price could see a 10% rise to $3.6 soon.
SUI price updates
Sui has been in a consolidation mood over the past month, an incident that mirrors the ongoing decline in the broader digital asset market. The altcoin’s price has been down 25.4% over the past 30 days. Today, the coin saw some signs of recovery, with its price currently standing at $3.31 after seeing a 3.9% surge over the past 24 hours.
However, technical indicators show that the asset could experience a decline to the $2 level before it embraces any possible market uptrend. This price action reflects a pattern seen in April last year when the token went through a drop before making a rebound. This pattern shows that SUI could fall to the $3.14 support level before any substantial uptrend occurs.
This implies that if its value drops to the $3.14 support level, it could further decrease to the $2 zone. In April 2024, such a fall created a buying opportunity before the market resurgence. If the asset’s price decreases to the $3.14 support level, it could lay the foundation for a possible market rally in the coming weeks.
Despite the potential price fall, the token has been witnessing robust growth in several aspects. As of Feb.17, the asset’s total DEX volume surged to $61 billion, which is a rise of 18.89% over the previous month. This increase in volume suggests expanding investor enthusiasm and broadened market activity.
Also, SUI is experiencing growing user adoption. As of this month, its number of active addresses rose to a groundbreaking record of 55 million. This exponential increase in user engagement is a reflection of the asset’s growth potential.
