Is the SUI price expected to continue rising by 50%, potentially reaching $10 by the end of 2025?
After breaking through the descending wedge, the SUI price surged over 66% and is currently in a strong consolidation phase, preparing for the next price movement. Additionally, the platform is about to undergo the largest token unlock in its history, which is expected to trigger market volatility. Many believe that the volatility of SUI is similar to that of Solana before the bull market of 2021. If all goes well, the SUI price seems to be at the bottom of a massive breakout, potentially pushing it into double digits.
This week, multiple token unlock events are expected in the cryptocurrency sector, which will create ripples throughout the market. One of the popular meme coins, TRUMP, is expected to unlock tokens worth $7.35 million daily this week, while SUI leads in terms of unlock volume. The foundation is about to unlock tokens worth nearly $200 million. A large number of tokens are expected to flood the market, intensifying market volatility.
Given that the SUI price has faced similar bullish and bearish pressures in recent days, here are the next steps for this popular cryptocurrency.
The weekly chart for SUI shows significant bullish signals, indicating that the token is about to enter the third phase of a bull market. Its price has exhibited similar trends at both the beginning and the end of 2024. Interestingly, the price has broken through the descending wedge, and if previous trends recur, the SUI price is expected to rise 4 to 5 times, setting new historical highs. Additionally, the weekly MACD indicates that selling pressure has decreased, and a bullish crossover is imminent.
This confirms the bullish outlook, as the SUI price is displaying a pullback trend similar to previous movements, after previously surging to a new high of around $5.32. The current trading pattern suggests that the price might break through $4 in a short time, likely shortly after the token unlock, which could trigger a significant bearish trend, pulling the price down to around $3. However, the subsequent rebound could initiate a new bull market, eventually breaking through new highs around $7.
Those holding the token can discuss together!
