#AltcoinBreakout

The next stop of SUI's 'altseason' could be US$ 5 — Understand the reason

The onset of a new altseason could play a crucial role in driving SUI towards US$ 5.

The growing interest in altcoins could push SUI above the strong resistance at US$ 4.30, paving the way for a rally up to US$ 5.

 is in a consolidation phase after reaching an all-time high of US$ 123.218. Although BTC has not significantly retreated, its dominance in the total market value of cryptocurrencies is falling, indicating that capital is migrating to altcoins.

Price Analysis

SUI gained strength after breaking above the 50-day simple moving average (US$ 3.10) on July 10.

The upward movement reached resistance at US$ 4.30, where sellers are expected to mount a strong defense. There is support at US$ 3.81 and then at the 20-day exponential moving average (US$ 3.37). If the price recovers from the 20-day EMA, bulls will try again to push the SUI/USDT pair above US$ 4.30. If they succeed, the pair could surge to US$ 5 and subsequently to US$ 5.37.

This optimistic outlook will be invalidated in the short term if the price pulls back and breaks below the 20-day EMA, which would indicate that the bulls are losing strength. The pair could then drop to the 50-day moving average.

The pair completed a bullish reversal pattern (inverted head and shoulders) by closing above the level of US$ 3.55. Sellers are trying to interrupt the rally at US$ 4.10, but the bounce from the 20-period exponential moving average on the 4-hour chart indicates positive sentiment. The pair may rise to US$ 4.30, which could act as a strong resistance.

Sellers will need to pull the price below the breakout level at US$ 3.55 to gain an advantage. The pair may then retreat to US$ 3.30 and then to

Will be one of the beneficiaries in this altseason? Let's analyze the charts to find out.

4-hour SUI/USDT chart. and Daily SUI chart: