SUI’s Potential Rally to $5 in the Altcoin Season
The cryptocurrency market is experiencing a notable shift from Bitcoin to altcoins, with SUI standing out as a potential leader. After surpassing the 50-day simple moving average at $3.10 on July 10, SUI has gained momentum, now nearing the $4.30 resistance level. Overcoming this barrier could trigger a rally towards $5, with $5.37 as a subsequent target.
Understanding SUI’s Key Levels
SUI currently faces resistance at $4.30, where selling pressure may intensify. Support lies at $3.81, with additional backing at the 20-day exponential moving average of $3.37. Holding above the 20-day EMA would reinforce bullish sentiment, while a drop below could signal weakening demand.
Market Trends Favoring Altcoins
As Bitcoin consolidates after its peak, its market dominance has declined, indicating capital rotation into altcoins. This trend supports SUI’s potential growth during the current altcoin season.
Technical Outlook for SUI
The SUI/USDT pair’s completion of a bullish inverse head-and-shoulders pattern suggests positive trader sentiment. The 4-hour chart’s rebound from the 20-EMA hints at potential to break $4.30 resistance. Conversely, falling below $3.55 might lead to tests of $3.30 and $3 support levels.
This analysis reflects current market conditions and technical indicators. Always perform independent research before engaging with cryptocurrencies.
