The popular altcoin has posted a 67% price increase over the last two weeks, briefly climbing to a four-month high of about $1.30 before retracing to $1.15.
Many analysts, including Ali Martinez, think SUI’s bull market may have begun, anticipating much bigger short-term pumps.
Golden Cross?
Martinez claimed that the asset is on the verge of printing a new golden cross, with the 50-day moving average starting to cross the 200-day MA. He said this development is typically seen as a major bullish signal and could mark the beginning of a long-term rally.
The analyst didn’t stop there, noting that the last two golden crosses appeared in December 2023 and October 2024 and were followed by major increases of roughly 240% and 222%, respectively.
“If history rhymes with the larger move, a similar 230% bull run could take SUI toward $4,” he added.
This isn’t the first time Martinez has commented on the asset this month. Several days ago, he argued that SUI has flashed one of its most important macro bullish signals. Specifically, the Parabolic SAR dots have flipped below price on the weekly chart, suggesting a macro shift from a downtrend into a new uptrend.
Prior to that, he spotted three factors that could support a pump to $1.40. Those include the Tom DeMark Sequential indicator printing a 13th buy signal in late July, the SuperTrend indicator flipping to “buy,” and the aforementioned Parabolic SAR.
Earlier this week, X account MSB Intel revealed that SUI has surpassed NEAR, TON, Arbitrum, and Injective in daily active users. Michael van de Poppe highlighted the development, claiming that the asset’s run is far from over.
“Seven months of building bullish divergences don’t stop in a single week of upward momentum,” he concluded.
Additional Forecasts
Nehal and Coinvo Trading also gave their two cents. The former praised SUI for its “alien technology,” expecting a price surge to a new all-time high of $8.
The latter claimed that the asset has formed a “generational breakout.” The X user pointed out that previous rallies delivered triple- and even quadruple-digit gains, wondering how high the price could surge this time.
“This is one of the few altcoins that has proved itself throughout more than 1 cycle. It also has a serious team behind it and actual use-case. This is at the top of my watchlist right now,” they stated.
Source: CryptoPotato
