SUI Seeks Breakout After Market Correction, Trading at $2.05
After recovering from a market retrace, SUI is attempting to reclaim the $2 mark and break out from a bullish pattern. Analysts suggest the cryptocurrency may make significant moves toward a new all-time high (ATH).
SUI Recovers From Halloween’s Correction
At the end of October, the crypto market faced a correction following Bitcoin's drop below $70,000. Most cryptocurrencies, including Ethereum and Solana, saw declines of around 5%.
SUI, the native token of the Sui Network, declined by 4%, losing its recently recovered $2 support. It had been one of the top-performing tokens in recent months, with a 25% rise to its latest ATH of $2.35 two weeks ago, followed by an 18.5% correction.
Earlier this week, SUI tracked BTC’s surge, aiming for the $2.15 zone, which previously led to its ATH. However, it reached the lower end of the $1.90 support zone on Friday morning amid the market retrace.
Today, SUI increased by 9.3% from a daily low of $1.92 to reach $2.10 before retracing to $2.07. Some analysts believe the cryptocurrency is preparing for a significant move post-correction.
Is A Retest Of The $2.35 ATH Looming?
Analyst AMCrypto indicated that SUI could target a breakout from a bull flag formation, with the breakout target at $2.05. If SUI breaks above the upper trendline, it may aim for its previous ATH.
Crypto analyst Altcoin Sherpa suggested two potential short-term outcomes for SUI. He believes the cryptocurrency may test the ATH zone before pulling back to current levels again. If it fails to hold the $2 support, it could drop to $1.65.
Conversely, SUI could bounce from its current level after the retrace and rally towards a new ATH of approximately $2.7 by year-end. Sherpa noted that tokens with strong September performances might experience more pullback before resuming upward trends.
The market is expected to face volatility as speculation builds ahead of the US presidential elections next week. Analyst Michaël van de Poppe emphasized that SUI's retest of the $1.90-$2 support is crucial for further upward momentum.
As of now, SUI is trading at $2.05, reflecting a 3.5% increase in the last 24 hours.
