Here's Why SUI's Uptrend is Just Starting | Credit: Hameem Sarwar
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Key Takeaways
The SUI price broke out of a descending parallel channel.
SUI reclaimed the $2.70 support after deviating below it.
Has SUI started an upward movement that will take it to new highs?
The SUI price has risen steadily since June 22 but accelerated its upward trend this week.
While no SUI news catalyzed the rally, Grayscale published a new report on the state of SUI, praising its usability and scalability, and fueling optimism about its future.
Since SUI has all but confirmed its correction is over, let’s examine the charts and see what lies ahead.
Bullish SUI Breakout
On June 21, after a 40-day downward trend, SUI fell below the $2.70 horizontal support area, warning that a bearish trend has started.
However, the opposite occurred, as the price of SUI regained its footing the next day, bouncing at the support of a descending parallel channel.
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Momentum indicators are also positive. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) trend upward and are above 50 and positive, respectively.
So, the daily time frame price action gives a bullish SUI prediction, suggesting new highs are likely.
New SUI Highs Incoming
SUI’s wave count aligns with the price analysis, supporting the projection of new highs in July.
The wave count shows a completed five-wave upward movement (green) and W-X-Y correction (red).
Those two movements are complete, and the next move will be a new five-wave increase.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
