SUI Price To $7? Analyst Predicts Altcoin’s Path To New ATH

After a strong start in August, the SUI price struggled to build on its momentum in the second half of the ￰0￱ altcoin’s price crashed from a local high of above $4.1, reaching around $3.2 to start the new month of September. However, the SUI price seems to have found a new lease on life in the past week, increasing by over 4% in the last seven days. Interestingly, the SUI token appears to only be at the beginning of what could be a journey to a new all-time ￰1￱ Predicts SUI To Grow 110% Based On Chart Pattern In a September 5 post on social media platform X, prominent crypto analyst Ali Martinez shared that it might be time for investors to start loading their bags with SUI ￰2￱ to the online pundit, the SUI price just bounced back from a level that could see travel to a new high around $7.

Related Reading: Ethereum Outflows Drive Binance Supply Ratio Under 0.037, Signaling Bullish Setup This prediction is based on the appearance of an ascending triangle pattern on the daily Bitcoin ￰3￱ ascending triangle is a technical analysis pattern that features an inverse right-angled triangle with a horizontal upper boundary (connecting a series of lower highs) and a diagonal rising lower trendline (connecting the swing lows). An ascending triangle formation is typically considered a bullish chart pattern, signaling the continuation of the initial upward trend. Nevertheless, this chart pattern can also be viewed as a trend reversal pattern and a bearish sign—usually when the asset’s price breaches below the lower trendline and in the opposite direction of the initial ￰4￱ shown in the highlighted chart, the SUI price did make a move for the lower trendline before bouncing back around the $3.1 ￰5￱ altcoin, which seemingly found a major support around this price level, looks set to break the upper horizontal trendline of the ￰6￱ Martinez still expects the SUI price to retest the lower trendline one more time before breaking out of this pattern, the final target for the altcoin is set around the $7 ￰7￱ price target for an ascending triangle pattern is usually calculated by adding the vertical distance between the horizontal and lower trendlines to the breakout ￰8￱ by this method, Martinez puts the target for the SUI at over 110% from the current price point and 30% from the all-time high of $5.8.

SUI Price At A Glance As of this writing, the price of SUI stands at around $3.38, reflecting an over 2% jump in the past 24 ￰9￱ Reading: XRP Will Never Crash 90% Again, Says Digital Ascension CEO Featured image from iStock, chart from TradingView