SUI Targets $4 After 85% Price Surge and Analyst Forecasts
SUI is targeting the $4.00 mark after a recent price surge, having risen nearly 85% over the last two weeks. Key points include:
- Break above $3.80 and recovery from a multi-month downtrend.
- Previous low of $1.71 in six months after losing significant support levels.
- Attempted breakout at $3.00 driven by institutional adoption news was unsuccessful.
- Price increased from $2.11 to a high of $3.87 before a token unlock led to an 8.5% retrace.
- Current trading at $3.46, reflecting a 56% increase over the month.
Analysts suggest potential bullish momentum with SUI retesting the $3.20-$3.25 support zone, which could lead to a jump towards $4.00 if Bitcoin maintains its value. Analyst Sjuul indicates that SUI may be forming a Power of 3 setup, potentially moving through accumulation, manipulation, and distribution phases. The current price behavior supports a possible test of the $3.25 level before further expansion.
