Bitcoin News Today: Altcoin Season Begins SUI Price Surges 35%

SUI, a prominent Layer-1 token, is attracting considerable attention as analysts predict that its price could reach $5. This forecast is grounded in the current market dynamics and the ongoing shift of capital from Bitcoin to altcoins, signaling the start of an altcoin season. During this period, altcoins tend to outperform Bitcoin, leading to a significant increase in their prices.

The Altcoin Season Index, which measures the performance of top altcoins relative to Bitcoin, currently stands at 35. This index suggests that the altcoin season is in its early stages, with over 75% of top altcoins expected to outperform Bitcoin over the next 90 days. The shift in capital from Bitcoin to altcoins indicates growing interest in these alternative cryptocurrencies.

SUI's price has been on an upward trajectory, picking up momentum after breaking above the 50-day simple moving average of $3.10 on July 10. The price has reached near the overhead resistance of $4.30, where sellers are expected to mount a strong defense. There is support at $3.81 and then at the 20-day exponential moving average of $3.37. If the price rebounds off the 20-day EMA, the bulls will attempt to drive the SUI/USDT pair above $4.30. If successful, the pair could surge to $5 and eventually to $5.37.

However, this optimistic view could be negated in the near term if the price turns down and breaks below the 20-day EMA. This would suggest that the bulls are losing their grip, and the pair may then drop to the 50-day SMA. On the 4-hour chart, the pair completed a bullish inverse head-and-shoulders pattern on a close above the $3.55 level. Sellers are trying to halt the rally at $4.10, but the bounce off the 20-EMA indicates a positive sentiment. The pair could rally to $4.30, which may act as stiff resistance.

Sellers will need to pull the price below the breakout level of $3.55 to gain the upper hand. If this happens, the pair may tumble to $3.30 and later to $3. The continued rise in the price of SUI and other altcoins will depend on several factors, including market conditions and demand. If the bullish momentum continues and institutional adoption grows, SUI could trend toward $5. However, it is important to note that this is an analyst's forecast and not a guaranteed outcome.

The current market conditions are favorable for altcoins, with indicators suggesting that the altcoin season is in full swing. The price of Ethereum, for example, has already reached $3,400, and XRP is back above $3. This bullish momentum is expected to continue, with analysts predicting that Ethereum could reach $10,000, although it may struggle at $5,000. For July, a price of $4,000 for Ethereum looks realistic, which is nearly 4x from the April bottom.

The ongoing altcoin season is also characterized by the outperformance of Layer-1 tokens like SUI, SEI, and Ether. These tokens are gaining significant traction as investors look for alternative investment opportunities in the cryptocurrency market. The continued rise in the price of these tokens will depend on whether Bitcoin continues to tread water near record levels.