The altcoin market is once again picking up steam, and the SUI token is drawing attention following a recent price rise. Analysis from traders and charts highlight its potential.
Renewed Interest in SUI
The SUI token increased by 9% and is now trading around $3.79. This correction after an extended period of sideways movement has caught the eye of many traders, especially following a prediction from renowned crypto analyst Lau, who has over 1.3 million followers on X.
SUI Chart Analysis
Lau's analysis indicates that the SUI price has been following a long-term upward trend that began in July of last year. The chart shows that each touch of the trendline, referred to as a 'retest,' has always been followed by a significant price surge. For instance, after the first retest in mid-2024, SUI increased by over 1,000%, while the latest retest earlier this year resulted in a 122% increase.
SUI Price Forecast and Potential Levels
Currently, the third bounce off the same trendline suggests the possibility of another explosive breakout. Lau predicts that the target could reach $7, representing a 186% rise from current levels. The structure of the chart indicates consistent behavior: after a retracement, price stabilizes just above the trendline and starts building sufficient momentum for a breakout.
The analysis of current SUI trends indicates significant growth potential in the near future if the trendline holds. Traders are expected to watch market developments closely.
