$SUI, the native token of Sui blockchain, has seen a notable development in terms of price movement. As per the data from Captain Faibik, it has gained market attention with wider technical breakout, after a bullish flag as well as a falling wedge pattern. The popular crypto analyst discussed the significance of this spike in a recent social media post, predicting $10 as $SUI’s midterm target. In addition to this, the market indicators signify a bullish continuation amid the rising ETF hype.
$SUI Records Bullish Breakout, Setting $10 as Midterm Target
The onchain analytics point out that the $SUI/$USDT pair presents a bullish flag and a falling wedge pattern. Interestingly, the respective pattern has resulted in a notable upside breakout. In this respect, the price of $SUI has touched $4.04 following a rebound after reaching the lows around $3.51. The current price of the crypto token 8.56% upsurge over the past 24 hours. In addition to this, the respective development highlights the potential of a bullish continuation.
Keeping this in view, $10 serves as $SUI’s midterm price target. This level reportedly underscores an approximately 150% growth. Additionally, the market statistics underscore $SUI’s likely jump to $6.68 in the near term while moving toward the above-mentioned mark. Nevertheless, for that to occur, there is a requirement for a persistence in the positive price momentum.
Bullish Momentum or Short-Term Hype, Traders Advised Caution
According to Carl Moon, SUI’s present bullish trajectory reveals its “wake up.” Simultaneously, with a 10% increase, the total value locked (TVL) of $SUI has climbed above $2B amid aggressive volume activity. Nevertheless, despite the ongoing upward trajectory, the traders need to remain cautious while bulls are controlling the market.
