The crypto market extended its correction on Friday’s U.S. market session as Bitcoin struggles to surpass the $70,000 barrier. The renewed bearish momentum stalled the recovery trend for most major altcoins. However, analysts believe that SUI price presents an ideal zone for Dollar-Cost Averaging (DCA), offering a strategic entry point for long-term investors.
In the last 24 hours, the SUI price recorded a 2% fall to trade at $1.89, while the market cap holds at $5.24 Billion. The bearish pullback resonating within a continuation pattern signals the potential for a higher rally.
SUI Price Ready for $3 Surge? Analyst Highlights Perfect DCA Zone
In a recent tweet, crypto analyst Suipiens.su highlighted what they describe as the “Perfect Zone” for dollar-cost averaging (DCA) into SUI. According to the shared chart, the SUI price resonates within two rising trendlines, indicating the formation of a broadening wedge pattern.
Generally, the pattern’s two diverging trendlines indicate market uncertainty and a lack of dominance from buyers or sellers. By press time, the SUI price traded at $1.87 and retested the bottom ascending trendline.
Analysts have identified this as the final dip before SUI reaches new highs, noting that the current support level has provided key dynamic backing since late September. If the pattern holds, the altcoin could surpass the $2.36 ATH (All-time-high) and chase the $3 target.
SUI DeFi Ecosystem Booms as TVL Jumps to $995.5M
According to DeFiLlama data, SUI’s Total Value Locked (TVL) has surged from $313.5 million to $995.5 million—a 217.54% increase—within three months. This sharp rise in TVL signifies growing investor confidence and increased adoption of SUI’s DeFi ecosystem.
The substantial influx of capital suggests that users are increasingly locking assets in SUI-based protocols, bolstering the bullish outlook for price recovery.
SUI Price Analysis: Wedge Pattern Hints Imminent Breakout
In the last 12 days, the SUI price recorded a notable pullback from $2.35 to $1.85, registering a 21% loss. A price analyst, CryptoBull360, revealed this pullback as the formation of a falling wedge pattern in the two-hour chart.
Theoretically, the two converging trendlines asset buyers to recuperate the bullish momentum. Thus, a potential flip from the trendline resistance, combined with the Point of Control (PoC), could signal the start of a bullish rally.
On the contrary, if the sellers continue to defend the overhead trendline, the SUI price could prolong the current correction trend.
Frequently Asked Questions (FAQs)
SUI is currently forming a broadening wedge pattern, with two diverging trendlines indicating market uncertainty. Analysts also highlight a falling wedge pattern that could trigger a bullish breakout
Experts believe this could be the last dip before SUI experiences a major rally, making it an ideal zone for accumulation
According to DeFiLlama, SUI’s TVL surged by 217.54%, from $313.5 million to $995.5 million within three months, reflecting growing trust and adoption of its DeFi ecosystem.
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Leave a Reply