SUI’s technical setup has prepared the cryptocurrency for a significant rally.
Breaking out of a falling wedge sets SUI up for a notable rally.
Analysts predict a $5 target as SUI’s next level.
Bullish market sentiment has returned to the cryptocurrency market, and analysts now issue more assertive price outlooks.
One such analyst believes SUI’s technical setup is well-suited for an imminent rally, leading to a prediction that the crypto asset will reach a new all-time high soon.
SUI Technical Analysis: Key Chart Patterns Signal Upside
In his latest podcast, the analyst detailed several chart patterns suggesting a potential SUI rally, including a Head-and-Shoulders formation on the one-hour chart. Breaking the upper resistance will boost SUI’s bullish momentum and lead to a significant rally aiming for higher levels.
A falling wedge pattern on SUI’s weekly chart supports this bullish view of the crypto asset’s trajectory. During the analysis, the analyst described the formation as a consolidation phase that SUI has now completed.
By fulfilling the signal, the cryptocurrency has broken out of the wedge and moved in confirmation of an…
The post SUI Breaks Out of a Weekly Falling Wedge, Targets New ATH Above $5 appeared first on Coin Edition.
