SUI Eyes $3 as TVL Hits $900M, Echoing Solana’s 2021 Run

With a market cap of $4.25 billion, SUI is a rising name in the crypto industry. The SUI token is trading at $1.59, with almost 50% surge in the last seven days. Over the past 24 hours, it has increased by 9.82% and marks a remarkable growth. 

As one of the top performers, SUI is trending in the crypto market and teases a potential bull run this week and the October rally. Let’s look at the SUI price chart and analyze the targets for this rising altcoin. 

SUI Bull Run Crosses $1.50

In the daily chart, the SUI price action reveals a massive surge with seven consecutive bullish candles to sur the $1.50 psychological mark. Furthermore, the recovery run for SUI forms a rounding bottom reversal from the $0.5349 bottom. 

Tradingview

Since then, the altcoin has increased by almost 200% within the last 50 days. Based on the Fibonacci levels, the recovery rally exceeds the 61.80% Fibonacci level at $1.4883 and is heading to challenge the 78.60% level at $1.7475. 

The technical indicators are turning extremely bullish with the sudden trend reversal. Further, the bullish crossover in the 50 and 200-day EMA marks a golden crossover, with the rising 100-day EMA ready to sur the 200-day EMA. 

With the crucial EMAs ready to gain a positive alignment, the demand for SUI is increasing at an impressive rate. Additionally, the daily RSI line enters the overbought territory and stands at $1.8484 with a boost reflecting the overbought nature. Hence, a minor retest of the 61.80% Fibonacci level breakout is possible while avoiding a closure below $1.50. 

In the broader picture, the recovery rally forming the rounding bottom pattern shows a decline at the swing high of the $2 psychological mark. Based on the Fibonacci level, a breakout of this level will target the next psychological mark of $3.00 near the 1.618 Fibonacci level. 

Analyst Relates SUI To Solana’s Bull Run as TVL Hits $900M

As the demand for SUI grows, the total volume locked over the SUI blockchain has sured the $900 million mark. Based on the data from DeFiLlama, SUI TVL is at an all-time high level with a 24-hour volume of $76.75 million. 

Furthermore, in a recent tweet, a well-known crypto analyst, Martinez Ali, highlights the similarity between the SUI and the Solana price actions. As the Solana price has incredibly surged from nearly $10 to almost $260 in the 2021 bull run, the price action in SUI near the $2 psychological mark could scale to $50 by next year.

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Nandita Derashri
Written by Nandita Derashri

Nandita Derashri is a seasoned content strategist with over ten years of experience. She currently leads content teams for multiple blockchain and cryptocurrency publications. She directs the writers, crafting insightful articles and analyzing market fluctuations and industry patterns to deliver top-tier content to readers.