Sui Altcoin Poised for 60.8% Gain as Bullish Pattern Emerges

Sui (SUI), a prominent altcoin, is on the verge of a significant price breakout, according to market analyst Ted Pillows. Despite a steady decline in price over the past month, with an estimated loss of 17.18%, Pillows identifies a bullish pattern that suggests substantial market relief is on the horizon. This pattern, known as a descending wedge, is characterized by two converging trend lines sloping downward, indicating a weakening bearish pressure.

Pillows' analysis, shared on June 7, highlights that SUI has hit a local bottom within the $2.8-$3.0 range, following a slight rebound in the past 48 hours. This price action could signal a market reversal, especially considering the formation of the bullish descending wedge pattern on the SUI daily chart. The price action within the wedge, which typically consists of lower highs and lower lows, suggests that the decreasing slope of the lows indicates a weakening bearish pressure.

The rebound from the $2.8 level, which represents the lower boundary of the descending wedge, and the narrowing of both trend lines, postulates that SUI is preparing for a major upside price breakout. However, the altcoin must overcome a crucial resistance at the $3.5 price level, which represents the upper boundary of the descending wedge pattern. A successful daily price close above $3.5 is likely to trigger robust buying pressure, potentially forcing a SUI market rally for the next 2-3 weeks, leading to a new all-time high.

Initial price targets are set at $4.00, indicating an instant return to the peak price region in May. However, with Pillows’ analysis hinting at a new all-time high, investors should expect any potential price breakout to hit a minimum price target of $5.21, representing a 60.8% gain on present market prices.

At the time of writing, SUI trades at $3.23, representing a 2.33% gain in the past day. However, weekly and monthly losses of 1.01% and 17.10%, respectively, suggest that the altcoin still has ground to make up. Nevertheless, SUI remains one of the best-performing tokens of the present market cycle, with a potential star of the altseason considering its 211.11% gain in the last year.