SUI Ready For $7 Price Target As Market Pressure Builds — Analyst

Amid a new wave of economic tensions between the US and China, Sui (SUI), alongside other cryptocurrencies, has experienced a heavy price decline in the past few hours as investors move their capital into more stable ￰0￱ this mayhem, prominent market analyst Ali Martinez is backing SUI’s bullish potential, projecting the altcoin to establish a new all-time high before 2025 ￰1￱ Reading: Bitmine Receives 23,823 Ethereum From BitGo As Institutional Accumulation Continues SUI’s Path To $7 In an X post on October 11, Ali Martinez shares an in-depth market analysis indicating that SUI may be on the verge of a major breakout. Notably, the daily SUI/USDT chart reveals a tightening price pattern, suggesting an impending significant price upswing provided the cryptocurrency can achieve a breakout from its current consolidation ￰2￱ on Martinez’s analysis, SUI is forming a symmetrical triangle pattern that has been developing since early ￰3￱ structure is typically characterized by converging trendlines, representing lower highs and higher lows, which reflect a period of declining volatility preceding a decisive price ￰4￱ to the chart above, a confirmed breakout above the $3.59 (0.618 Fibonacci retracement level) would trigger a sharp bullish ￰5￱ projected path, based on Fibonacci extension targets, places potential resistance points around $4.25 (0.786 Fibonacci extension), $5.28 (1.0 Fibonacci extension), and ultimately $6.97 (1.272 Fibonacci extension) – $7.00.

Therefore, this move could represent a 100% market gain on current SUI prices. However, investors should also note that a failed breakout or rejection near the upper boundary could lead to renewed weakness. A dip below the $3.18 (0.5 Fibonacci) level would invalidate the bullish setup and expose SUI to potential declines toward $2.82 or even $2.44. Related Reading: LTC Price Soars 11% to $129: Analysts Eye $135 Breakout as ETF Approval Buzz Grows SUI Market Overview At the time of writing, SUI trades at $2.67, reflecting a steep 24.74% decline over the past 24 hours.

Meanwhile, daily trading volume has surged by 295%, signaling heightened market activity as traders react to the sharp ￰6￱ the broader time frame, SUI has lost 27.85% over the past week, extending its bearish ￰7￱ downturn in SUI mirrors the broader crypto market, which has reacted sharply to recent geopolitical ￰8￱ tumbled after US President Donald Trump announced plans to impose a 100% tariff on Chinese goods, a move framed as retaliation against China’s reported intentions to introduce sweeping export controls on a wide range of ￰9￱ the aftermath of the announcement, the global cryptocurrency market has dropped 9.75% in the past 24 hours, with total market cap now hovering around $3.75 ￰10￱ image from Pintu, chart from Tradingview