Popular market analyst Ted Pillows has tipped Sui (SUI) for an impending price breakout. Notably, the prominent altcoin has recorded a steady price decline in the past month with an estimated loss of 17.18% within this period. However, Pillows notes the formation of a bullish pattern which indicates substantial market relief ahead.
SUI Gathers Momentum Ahead Of Showdown With Resistance
In an X post on June 7, Pillows shares a positive insight into the SUI market despite a sustained downtrend throughout May and early June. The analyst notes that SUI appears to hit a local bottom within the $2.8-$3.0 range, following a slight rebound in the past 48 hours.
Interestingly, this recent price action could signal a market reversal, especially considering the formation of a bullish descending wedge pattern on the SUI daily chart. For context, the descending wedge is a classic bullish reversal pattern marked by two converging trend lines sloping downward. The price action within the wedge typically consists of lower highs and lower lows, but the decreasing slope of the lows signals a weakening bearish pressure.
Considering the rebound from the $2.8 mark, which represents the lower boundary of the descending wedge, and the narrowing of both trend lines, Pillows postulates that SUI is preparing for a major upside price breakout. However, the altcoin must overcome a crucial resistance level at $3.5, which represents the upper boundary of the descending wedge pattern. Pillows explains that a successful daily price close above $3.5 is likely to trigger robust buying pressure, potentially leading to a SUI market rally over the next 2-3 weeks, driving it toward a new all-time high.
Based on the analysis presented, initial price targets are set at $4.00, indicating a return to the peak price region observed in May. However, with Pillows’ analysis hinting at a new all-time high, investors should be prepared for any potential price breakout to maximize at a minimum target of $5.21, representing a 60.8% gain at present market prices.
SUI Price Overview
At the time of writing, SUI trades at $3.23, reflecting a 2.33% gain over the past day. However, weekly and monthly losses of 1.01% and 17.10%, respectively, suggest that the altcoin still has some ground to make up. Nevertheless, SUI remains one of the best-performing tokens of the current market cycle, with potential to shine during the ongoing altseason, having achieved an impressive 211.11% increase in the last year.
