ZAYK Charts analysis suggests a potential significant increase in the SUI cryptocurrency's value in the near future due to recurring bullish patterns.
Technical Analysis Patterns
ZAYK Charts' technical analysis examines the SUI/USDT trading pair on a 3-day timeframe, revealing a recurring bullish pattern. The chart displays three falling wedges—a bullish continuation pattern where price contracts between downward-sloping trendlines before breaking upward. The first falling wedge appeared in 2023, forming after a sharp price drop. When price broke out of this pattern, it triggered a strong rally. A second, longer wedge formed over several months between 2023-2024, again resulting in a sharp upward movement after the breakout. Currently, a third falling wedge with very similar structure is forming, with price approaching the breakout zone.
Target Projection: $7
Based on the height of previous breakout moves, ZAYK Charts has projected a price target of around $7 for SUI. This is highlighted in a green box on the chart, representing a potential gain of approximately 200% from current price levels. Several chart features support this bullish prediction. The repeated falling wedge patterns have consistently led to strong upward price action after breakouts.
Supporting the Forecast
The market has shown resilience with healthy corrections rather than sharp crashes, indicating underlying strength. In their analysis, ZAYK Charts states that 'SUI will follow the same trajectory' with the 'Next Target will be 7$.' The analyst is confident that based on these historical chart patterns, SUI is positioning for another breakout similar to the previous two instances, potentially pushing the cryptocurrency to new highs.
Recurring bullish patterns on the charts predict a new growth cycle for the SUI cryptocurrency, potentially leading to significant increases in its value in the near future.
