Crypto Market Sees a Modest Surge as Bitcoin Nears $70,000, SUI Poised for a Potential Rally
The crypto market experienced a slight uptick over the weekend, with Bitcoin approaching the critical $70,000 threshold. As positive “Uptober” sentiment takes hold once again, the emerging Layer-1 blockchain SUI is showing signs of a promising rally, supported by increasing Total Value Locked (TVL) and a bullish chart pattern. Could SUI price rise to $2.6 as predicted by crypto analysts?
SUI Price Could Surge to $2.6, Says Analyst
In a recent analysis, well-known crypto strategist Ali Martinez highlighted a positive outlook for SUI. According to Martinez, the cryptocurrency is forming a bullish channel pattern, which could lead to further gains. This technical setup shows SUI trading between two parallel trendlines, providing both dynamic support and resistance levels.
Throughout October, each time SUI tested the lower trendline, the asset experienced a renewed burst of upward momentum. At the time of writing, SUI is trading around $2.04, having once again bounced off the lower support, signaling potential for another upward move. If this pattern continues, analysts believe the price could rise to $2.61, a gain of nearly 23%.
With recent allegations regarding insider selling being clarified by the SUI Foundation, the altcoin is well-positioned to continue its steady rally. A breakout above the channel’s resistance would confirm the start of a higher-momentum rally, while any pullbacks could see stable demand supported by the 20- and 50-day EMAs.
SUI’s TVL Skyrockets 260% Since August
Data from DeFiLlama reveals that SUI’s Total Value Locked (TVL) has surged dramatically, increasing from $414 million in August to $1.49 billion today, reflecting a 260% growth. This massive rise in TVL suggests a significant influx of capital into the SUI ecosystem, driven by growing investor confidence and the adoption of its DeFi platforms.
However, Martinez also warned that the bullish outlook could be invalidated if the price breaks below the channel’s lower support. A breakdown at this level could trigger a more extended bearish trend, potentially accelerating downward pressure on the price.
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