The cryptocurrency market showed a modest uptick during Sunday’s trading session, with Bitcoin approaching the $70,000 mark. As the ‘Uptober’ sentiment returns, the emerging altcoin SUI is displaying potential for a significant rally amid increasing Total Value Locked (TVL) and a bullish pattern formation. Analysts are eyeing a potential surge to $2.6 for SUI in the coming weeks.

Renowned crypto analyst Ali Martinez recently highlighted a bullish outlook for the Layer-1 cryptocurrency SUI, citing a channel pattern formation. This chart setup typically drives a sustained recovery trend within two parallel trend lines, offering dynamic support and resistance.

Throughout October, each retest of the pattern’s lower trendline has renewed bullish momentum in SUI’s price, leading to notable upswings. At press time, SUI was trading at $2.04, revisiting the bottom support trendline before its next potential leap.

If the pattern holds, analysts predict a surge to the $2.61 level, representing a potential growth of 22.9%. With the SUI Foundation addressing recent $400M insider-selling allegations, the altcoin appears poised for a steady rally within the channel pattern.

An upside breakout from the channel resistance would indicate that buyers are prepared for a high-momentum rally. In the event of a pullback, the SUI price could find stable support at the rising 20-and 50-day Exponential Moving Averages (EMAs).

SUI’s ecosystem has seen remarkable growth, with its Total Value Locked (TVL) surging by 260% since August, rising from $414 million to $1.49 billion. This significant increase reflects substantial capital inflow into SUI’s ecosystem, indicating growing investor confidence and adoption of its DeFi protocols.

However, Martinez also cautioned that the bullish thesis could be invalidated if SUI’s price breaks below the support trendline. Such a breakdown could accelerate bearish momentum and potentially trigger a sustained corrective trend.

As the crypto market continues to evolve, SUI’s performance will be closely watched by investors and analysts alike, with many eagerly anticipating its next move in this dynamic and often unpredictable landscape.