Date: Mon, Oct 14, 2024, 05:28 PM GMTThe crypto market is kicking off the week strong with a surge many are calling the “Uptober” rally. Bitcoin (BTC) has climbed close to $66,000, posting a 4.78% gain over the last 24 hours. This bullish sentiment has also lifted several altcoins, including <a href="https://coinsprobe.com/is-sui-primed-for-a-mega-breakout-after-530-days-of-range-consolidation/" rel="noopener noreferrer nofollow">Sui (SUI)</a>, a top performer in the Layer-2 category.SUI has shown impressive momentum, gaining 1.45% today and soaring over 120% in the past 30 days. As of now, the token is trading at $2.24 with a market cap of $6.19 billion.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/4ac1b08c4d1746a3a5796db3f240f353.png" />Source: Coinmarketcap<h2 id="header-0">Wave Analysis Hints at Further Gains</h2><a href="https://x.com/CoinLiquidity/status/1845853775837417584" rel="noopener noreferrer nofollow">CLS Global</a>, a crypto trading platform, released a wave analysis for SUI earlier 1 hour aho, giving insights into potential future price movements. Their charts suggest that SUI is at the start of a five-wave upward impulse, which could drive the coin towards one of two possible price targets:Scenario 1: $4.60Scenario 2: $7.50<img src="https://academy-public.coinmarketcap.com/optimized-uploads/926310ae4e2f46a4a0aa4bbde18ba302.png" />Source: CLS Global (X)The analysis indicates growing interest in SUI, reflected in increased trading volume and a steady flow of positive news. However, the short-term path will depend on whether sellers can maintain resistance at current levels.<h2 id="header-1">Key Resistance Level to Watch</h2>SUI has spent some time trading in a wide range between $0.10 and $2.20. Currently, the price is near the upper end of this range at $2.00–$2.20, where sellers have repeatedly stepped in to halt upward movement (Chart 2). If SUI breaks through this resistance, it could set the stage for further gains.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/49e346f5a3484ed88a6aa698c3186a0e.png" />Source: CLS Global (X)<h2 id="header-2">Relative Strength and Market Performance</h2>In terms of momentum, SUI is slightly outperforming other altcoins (Chart 3), suggesting it has stronger market sentiment behind it. However, a minor pullback is expected as part of a normal market correction before the next upward leg begins.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/63a338efd64b4fd097c05c4dd0fa92ca.png" />Source: CLS Global (X)<h2 id="header-3">Several key metrics reflect growing confidence in SUI’s potential:</h2><ul><li>Rising TVL (Total Value Locked)</li><li>Higher Daily Transactions.</li></ul>These <a href="https://coinsprobe.com/sui-breaks-1b-in-tvl-surpassing-polygon-optimism/" rel="noopener noreferrer nofollow">positive fundamentals</a>, combined with the technical wave analysis, suggest that SUI may experience some pullbacks but is likely gearing up for a strong upward movement.<h3 id="conclusion">Conclusion</h3>The overall outlook for SUI looks bullish based on CLS Global&#39;s technical analysis and the rising network activity. If buyers manage to break through the resistance at $2.20, SUI could potentially climb toward the $4.60–$7.50 range in the coming weeks.Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making investment decisions.Also Read: <a href="https://coinsprobe.com/qubetics-makes-life-easier-for-dapps-developers-as-chainlink-and-xrp-brave-market-challenges/" rel="noopener noreferrer nofollow">Qubetics Makes Life Easier for dApps Developers as Chainlink and XRP Brave Market Challenges.</a>

Is SUI Ready to Rally? Wave Analysis Points to $4.60–$7.50 Range

Table of Contents

CoinsProbe

Other articles published on Oct 14, 2024

Crypto short liquidations breach $100M as Bitcoin reclaims $64K

$118 Million in 24 Hours: Crypto Bears Getting Destroyed

Price analysis 10/14: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA

Japan’s Metaplanet Expands Bitcoin Holdings to $40.5M With Another 108 $BTC Purchase

Finance: The ECB Sends The Euro Into Critical Levels!

ChatGPT 4.0 says this altcoin has 95% chance of outperforming SOL, XRP

Join our free newsletter for daily crypto updates!