- SUI surged 7.51% in 24 hours, reaching $2.16, with a trading volume $2.12 billion.
- Token consolidates between $1.82-$1.96, creating an HTF breakout pattern worth a potential $20 gain.
- Analysts are suggesting a first target of $2.40-$2.80, a second target of $3.10-$3.55, with strong bullish momentum.
Sui (SUI) is showing renewed strength in the market, climbing 7.51% in the past 24 hours to reach nearly $2.18. The token continues to gain popularity as analysts point out a potential large-scale breakout to $20.
Currently, Sui is trading at $2.16, a 24-hour trading volume of $2.12 billion, and a total market value of $7.91 billion. In the past 24 hours, SUI has moved up by 7.51% in value.
Sui Gears Up for Major Breakout Toward $20
According to a recent post by Crypto Patel, Sui seems to be forming a high time-frame (HTF) breakout structure with potential targets around the $20 mark. The analyst observed that Sui is ranging within the $1.6 to $2 level, a strong re-accumulation trend.
Patel emphasized that a decisive breakout from this structure could ignite a parabolic rally, pushing token into a significant upside extension phase. The constricting range, along with its steady support level within the current zone, indicates a strong build-up of bullish strength, setting the stage for a potentially explosive move.
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SUI Approaches Key Support Zone $1.82–$1.96
SUI has recently entered a crucial supporting level between $1.82 and $1.96, a region that has always been associated with a strong buying interest in the past. The token is consolidating near the upper boundary of this region, implying a continuous accumulation process. If so, it can be considered a long entry point.
The suggested entry range lies between $1.82 and $1.96, with a stop loss placed below 1.75. The first target for the profit is set between $2.40-$2.80, and the second target is anticipated to be within the range of $3.10-$3.55. This configuration embodies an excellent risk-to-reward ratio, especially in the case of a sustained increase in trading volume and price momentum.
The technical charts imply that a firm breakout from the current range could lead to a parabolic price escalation. Observing strong candle closures or rising volume close to the support area may be the factors that most certainly indicate the bulls’ continuation.
Therefore, as the market’s momentum gains strength, tokens can be on the cusp of a strong breakout towards the double-digit mark, as per the long-term breakout level of $20.
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