With A Breakout Run, SUI Price Aims A 100% Hike To Hit $2!

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With a bullish recovery in the crypto market, the altcoins market cap is close to hitting the $900M valuation. Amid the rising appetite of investors, altcoins are skyrocketing with growing upside potential. SUI, a prospective Solana-killer, projects a possible price jump of 2x ahead. So, should you consider buying SUI this week?

SUI At $0.90, Hits Crucial Crossroads

The SUI token’s price action displays a falling channel pattern on the daily chart. However, early August saw a strong recovery, boosting the SUI price by 90% in just a week, leading to a breakout from the falling channel. 

The bullish rally propelled the token from the $0.53 support level to the 50% Fibonacci retracement level at the psychological $1 mark. Following this surge, the SUI token experienced a pullback, potentially retesting the breakout level as it touched $0.80. 

Sui Price Analysis for 20th Aug

Despite this pullback, the SUI price quickly rebounded with a 9.34% jump last night, forming a bullish engulfing candle. Further, the post-retest reversal in the altcoin teases a potential bull run ahead. 

However, the quick loss of momentum triggers a warning for buyers. Currently, SUI trades at $0.90, showing a slight intraday movement of 0.26%, forming a doji candle.

Technical Indicators:

MACD: The MACD indicator shows that the MACD and signal lines narrowly avoided a bearish crossover. 

Relative Strength Index: The daily RSI line bounced back from the halfway mark, remaining above the 14-day moving average.

Will SUI Price Hit $2?

According to the Fibonacci retracement, the current SUI price is near the 38.20% level, placing it at a crucial juncture. The breakout of the $1 psychological resistance will determine whether the uptrend continues in the altcoin.

If successful, this breakout could propel SUI price to its all-time high of $2, resulting in a 100% surge post-breakout. On the downside, a bearish continuation would target the 23.60% Fibonacci level at $0.73.