2024-10-18 09:21 |
SUI has been a hot story, and even though the price cooled down a bit this month, it remains one of the best-performing altcoins. The SUI price reached an all-time high on October 14th of approximately $2.35 before pulling back to current levels slightly above $2.
Analyst “LEO” shared a viral SUI chart last night with his 5,000 followers on X, formerly Twitter.
The SUI chart reveals a clear cup and handle pattern, which typically signals the end of a downtrend and the beginning of an upward movement. The cup formation shows a rounded bottom, suggesting a gradual transition from bearish to bullish sentiment during a lengthy consolidation phase. Following this, the handle appears as a smaller dip after the initial upward trend, indicating a brief consolidation before a potential breakout.
Source: X/@CryptoLeo00The SUI price has successfully broken above a key resistance level, marked by the previous all-time high area. A descending trendline that previously acted as resistance has also been breached, strengthening the bullish case. After breaking above this resistance zone, the price retested it as support, with buyers maintaining confidence at these levels.
Comparing Market Caps: SUI vs. SolanaThe SUI price action shows a smooth upward trajectory from around $0.40, steadily climbing to current levels near $2. While Solana’s market cap stands at $72 billion, SUI’s current market cap is $5.2 billion. The analyst notes that SUI’s recent break of its all-time high and subsequent support retest stands out, as similar patterns are not currently visible in other top-20 cryptocurrencies.
LEO predicts that, based on the current settings, SUI can reach Solana’s market cap this bull run.
The rounded bottom formation and steady handle development suggest continued strength in the current trend. The analyst’s chart indicates potential for further upward movement, based on the successful completion of these technical patterns.
Read also: Analyst Predicts Ripple (XRP) Price Will Be Unstoppable – Key Resistance Levels to Watch!
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The post Analyst Predicts SUI Will Reach Solana’s Market Cap as Sui Chart Shows Bullish Pattern appeared first on CaptainAltcoin.
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