As the cryptocurrency market recovers from recent declines triggered by geopolitical tensions, SUI, a high-performing Layer 1 token, is once again making headlines. In the last 24 hours, SUI has surged over 3%, boasting a 110% gain in just 30 days.

Cup and Handle Pattern: A Breakout Signal

Crypto analyst @CryptoBullet highlighted a classic cup and handle pattern forming in SUI’s chart, suggesting a potential breakout. According to him, repeated tests of the $2 level could lead to a significant rally. 'The more a level is tested, the more likely it is to break,' the analyst notes.

Factors Driving SUI's Rise

SUI's recent rise can be attributed to several key factors:

1. TVL Growth SUI’s Total Value Locked (TVL) has surged by 67% over the last 30 days, surpassing $1 billion, outpacing Avalanche (AVAX) in rankings.

2. SUI-Based Memecoins The market cap of SUI-based memecoins has jumped by 13% in the past 24 hours, contributing to the rally.

3. Record Daily Transactions SUI has seen a surge in daily transactions, which have soared over $100 million in the last three days, indicating increased adoption of the network.

Can SUI Reach $10?

While no one can predict the future with certainty, the combination of strong technical patterns like the cup and handle, impressive TVL growth, and rising transaction volume supports the prospect of sustained upward momentum. If conditions remain favorable and SUI breaks through the $2 resistance, a run toward the $10 target set by analysts seems achievable.

In a cryptocurrency market that is just starting to recover, SUI shows significant value increase. With further positive conditions and the overcoming of key resistance levels, this token's successful rise seems possible.