Amid the ongoing pullback, the SUI price trend is signaling a potential channel breakout, with the possibility of crossing $4 and reaching a new all-time high.
As some altcoins in the crypto market are starting to heat up, despite the Bitcoin price facing a downfall to nearly $93,000, SUI is revealing a breakout possibility.
With a market cap of $9.36 billion, the SUI token currently trades at $3.29. With the increasing chances of a falling channel breakout rally, the bulls anticipate a new all-time high, crossing about $3.93. Let’s find the chances of SUI crossing $4.
SUI Price Analysis
In the 4-hour chart, the SUI price action showcases a falling channel pattern. The pullback phase of the SUI price trend has resulted in a lower high and lower low formation. Thus, two parallel boundary lines give rise to the falling channel pattern.
The pullback phase accounts for a price drop of 13.72% from $3.9352 to the current market price of $3.3954.
Now, the SUI price is showing positive momentum within the falling channel, approaching the overhead resistance trendline. Additionally, the price is testing the 50-EMA line, which coincides with the resistance trendline.
The 4-hour RSI is above the halfway mark, increasing the chances of a breakout rally. Moreover, the recent support from the 100-EMA line strengthens the breakout outlook. Together, these technical indicators signal a potential buy opportunity for SUI.
Will SUI Price Hit $4?
The declining trend in the SUI price has been approaching a long-coming support trend line. However, the quick recovery teases a bullish breakout before reaching the support trendline.
Considering the increased breakout chances, the chances of a new all-time high have also increased.
Using trend-based Fibonacci levels, the immediate price target is $3.75. However, the $3.89 breakout could mark a change of character in the SUI price trend.
The breakout run will put the $4.19 and $4.58 on the bullish radar. On the flip side, a bullish failure will result in a drop to the $3.14 support, followed by the $3.00 psychological standpoint.