Altcoin SUI needs to break out above $1.42 to maintain bullish momentum.
Breaking this barrier would open the doors to $10 and $20 ATHs.
The next bull targets for SUI sit at $2.65 and $5.36,
The crypto community continues to watch with guarded hope as many believe the market is entering a short correction phase within the bull market phase. At the moment, the prices of BTC and ETH are experiencing short dips. Amid these corrective moves, altcoins are following suit, leading analysts to make helpful observations. For instance, altcoin SUI needs to break out above $1.42 to maintain bullish momentum and open doors to $10 - $20 ATHs.
Altcoin SUI Needs to Break Out Above $1.42 to Maintain Bullish Momentum
The previous few weeks led to bullish gains for Bitcoin, Ethereum, and altcoin holders. In detail, the price of BTC went from under $80,000 prices to as far as $87,000, just missing breaking past the $88,000 resistance level. Similarly, ETH failed to breakout above its $2,800 resistance level, after a massive surge from prices under $2,500 to as far as the $2,700 price range. Accordingly, many altcoins saw impressive gains, with some currently facing dips.
To highlight, altcoin assets such as NEAR, FET, XLM, XRP, SUI, and many others experienced impressive price pumps from 50% to over 100%. Now, analysts gather to watch the charts to determine whether these pumps will hold or to make risk-averse moves and take gains. Others are finding bullish signals among the bearish signs to position themselves well in times of surges once again.
According to CoinMarketCap analytics, the price of SUI is currently trading in the $1.17 price range, showing that the asset is down by almost 7% in the last 24 hours. Despite the heavy loss statistics, it is important to remember that the asset is still up by over 18% over the last 7 days, and up even more impressively by over 60% over the last 30 days. So, can SUI maintain this momentum, or will it continue to lose its gains?
The Breakout Could Open Doors to $10 - $20 SUI ATHs
According to many experts, the crypto market has just entered a short correction, a correction that will likely end once the price of BTC hits $79,000 and moves back up again. This would give ETH a chance to rise back up and try to beat the $2,800 resistance level once again. A reclamation of higher prices by both BTC and ETH would allow other promising altcoin assets to continue to rise bullishly once again.
https://twitter.com/CryptoPatel/status/2103854606145175754
As we can see from the post above, this expert says that SUI needs to break out past the $1.42 price level to open a road towards hitting new ATH prices between $10 and $20. The expert notes that SUI has finally broken out of its multi-month descending structure and reclaimed the key trendline. Making a weekly close above $1.42 would invalidate the bearish structure and activate a ride to the next upside targets at $2.65, $5.36, $10, and $20.