Analyst predicts SUI could reach $7 amid increasing market forces.

crypthub

1 day ago

Recent Market Decline

SUI, along with other cryptocurrencies, has experienced a significant price drop recently due to rising economic tensions between the US and China. This downturn mirrors a broader market reaction to planned tariffs on Chinese goods and potential export controls. The current trading price of SUI reflects a substantial decline over the past 24 hours and a broader downward trend over the past week. Daily trading volume has increased significantly, indicating heightened market activity.

Potential Bullish Outlook

Despite the recent decline, analyst Ali Martinez maintains a bullish outlook for SUI. Martinez projects SUI to potentially reach a new all-time high before the end of 2025. Current analysis indicates the possibility of a major breakout if SUI surpasses the $3.59 Fibonacci retracement level.

Technical Analysis and Projections

SUI is currently forming a symmetrical triangle pattern, suggesting a period of declining volatility before a decisive price move. A successful breakout could trigger a sharp bullish wave, potentially reaching resistance points around $4.25, $5.28, and ultimately $6.97 – $7.00. However, a failed breakout could lead to further weakness.

Potential Risks and Support Levels

Investors should be aware of potential risks, including rejection near the upper boundary. A dip below the $3.18 Fibonacci level could invalidate the bullish setup. Potential support levels to watch include $2.82 or $2.44 if a bearish trend resumes.