The cryptocurrency markets kicked off the week with solid gains as Bitcoin surged above $87,000, gaining significant momentum. While other tokens also saw increases, the intensity was lower compared to Bitcoin. Notably, SUI price is attracting a large volume, indicating strong bullish sentiment among investors. The upcoming price action for SUI is expected to demonstrate a highly bullish cycle, potentially outperforming popular altcoins in the near future.
SUI price has shown strong momentum since reclaiming the $2.2 zone, with a notable increase in volume. Rebounding from yearly lows, the price has formed a bullish pattern, suggesting a rise from the current consolidation could lead to a significant upswing in the SUI price rally. The potential target for the altcoin could be 35% higher than current levels.
However, the question remains whether the bulls can sustain these gains or if the upswing will be short-lived.
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Looking at the chart above, SOL price is trading within a falling wedge pattern and appears to have reached the apex of the consolidation. The decreasing volume is showing signs of recovery, indicating an increase in trading activity. Additionally, the +Di & -Di indicators are on the verge of a bullish crossover, potentially turning the DMI bullish. This suggests that SUI price may break above the pattern and experience a strong upswing.
Despite bears keeping the price range-bound, the bulls have been persistent in maintaining momentum. With volume on the rise, a breakout is expected with the potential for sustained growth. As a result, SUI price is building momentum for a breakout, with an initial target of $4 once this occurs.
