Sui Token Surges 15% as Bitcoin Hits $113,000

Sui (SUI), the native token of the Layer 1 blockchain, has experienced a significant surge, rising by 15% in the last 24 hours. This rally comes as the broader cryptocurrency market celebrates a major milestone, with Bitcoin (BTC) reaching a new all-time high of $113,000 and Ethereum (ETH) continuing its bullish momentum with a 6% jump.

Traders are particularly interested in SUI not just for its price action, but also due to the emergence of a key harmonic pattern that suggests potential further upside. A closer examination of the daily chart reveals the formation of a bearish ABCD pattern, a reliable harmonic setup that identifies potential reversal or continuation points. This pattern began in April at point A around $1.71, followed by a sharp rise to point B. The price then retraced to point C near $2.29 by late June.

Since then, SUI has steadily moved higher, currently trading around the $3.41 mark. This upward movement from point C to D aligns with the typical ABCD structure observed in technical analysis. If the pattern completes successfully, the next key zone to watch is the Potential Reversal Zone (PRZ) near $4.87, which represents the 1.272 Fibonacci extension target. This would imply a further 42% upside from current levels, potentially triggering profit-taking or a temporary pullback.

However, it is important to note that while the harmonic pattern suggests a bullish outlook, there might be some retracement in the price before the full extension plays out. This analysis is based on technical indicators and should be considered alongside other market factors and personal research before making any investment decisions.