SUI About To Break ATH Again – Can Bulls Target $4.20 This Week?
SUI is trading at key supply levels, prompting 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 the previous ATH, raising concerns over whether this was a real breakout or just a fake one. The current price action has market participants waiting for confirmation as bulls try to regain the dominance.
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Prominent analyst and investor Carl Runefelt shares a bullish outlook for SUI and predicts a breakout is imminent. According to his analysis, successfully pushing current supply levels could trigger a price increase to $4.20 in the coming days or possibly within hours. Runefelt’s view adds confidence to market sentiment, suggesting SUI has the potential to resume its upward trajectory despite recent setbacks.
The next few days will be crucial for SUI Traders monitor whether bulls can overcome key resistance levels. A decisive breakout could solidify SUI’s position as one of the most promising assets in the cryptocurrency market.
At the same time, failure to do so could result in a prolonged consolidation or a deeper pullback. All eyes are on the $4.20 target and SUI’s bullish momentum.
SUI is only 5% away from ATH
SUI recently surged to a new all-time high (ATH), but was unable to hold the all-time high of $4.05 set on November 17. Analysts believe that despite the brief pullback, the price action suggests that SUI is still poised to recover and surpass its ATH. Investors are expecting significant upward momentum in the near term.
Top analyst Carl Runefelt offers Detailed technical analysis of Xhighlighting that the SUI recently broke out of a 4-hour symmetrical triangle pattern, signaling bullish momentum. SUI is trading within a bullish flag, a classic continuation pattern that often precedes a significant price increase.
Runefelt has a $4.20 price target in the coming hours, which he believes could be the next major resistance level before SUI reaches new highs.
Broader market conditions further bolster confidence in this bullish outlook. Due to strong momentum, Bitcoin’s breakout of the $100,000 level has historically triggered altcoin rallies as liquidity flows from BTC to smaller assets. This dynamic allows SUI to benefit from increased interest across the cryptocurrency market, leading to the potential for a surge.
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While the short-term outlook for SUI looks bullish, price must break out and hold above the previous ATH to confirm continued upward momentum. All eyes are on $4.20 as traders await the next move in SUI’s exciting rally.
Price Discovery Bounce or Settlement Correction?
SUI is trading at $3.83 after briefly breaking above all-time highs (ATH), but is down more than 6% from its 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 manages to reclaim the November 17 ATH $3.94 support, it could trigger another breakout, setting the stage for a price discovery rebound.
Recovering and holding these levels would signal strong bullish momentum and could push SUI into uncharted territory as buyers push for the next phase of its rally. This scenario would be in line with broader market sentiment following Bitcoin’s recent rise above $100,000, which has historically increased demand for altcoins.
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However, there is a risk if SUI fails to break above $3.88 and $3.94 in the short term. Rejection at these levels could lead to continued consolidation as price struggles to find direction. This could keep SUI trading in a range, frustrating bulls looking for a breakout. Worse, failure to maintain support could lead to a deeper correction, testing lower demand areas and cooling market enthusiasm.
Featured image from Dall-E, chart from TradingView
