This weekend, $SUI is going through a price consolidation in line with the latest market data. Nonetheless, the price consolidation of $SUI is taking place within a bullish flag pattern. As per the data from Ali Martinez, this pattern indicates a setup that often highlights the continuous upward momentum. Keeping this in view, the market participants are anticipating a likely bull rally to $2.29 in the near term.
$SUI’s Price Consolidation Raises Optimism for Rally to $2.29 as Bullish Flag Pattern Progresses
The on-chain market data discloses that $SUI is trading in a price consolidation mode within a bullish flag pattern. This presents a bullish market outlook as $SUI has reportedly undergone a sheer price rise from the previous lows to settle into a descending wedge pattern. As a result, it could enter a notable price upsurge as the bullish flag pattern progresses.
At present, $SUI witnesses $1.98, $1.84, $1.79, and $1.73 as the critical price levels. Additionally, the $1.39 works as the bottom level of the present price structure. The consolidation within the bullish flag is a sign that $SUI sellers are ultimately losing strength. On the other hand, buyers seem to be readying to cash out this opportunity while expecting a likely breakout.
$1.84 Serves as Key Resistance before Likely Breakout
In this case, $SUI will need to surge above the resistance that it faces at the $1.84 spot. Following clearing this level, it could spike to the staggering $2.29 price target. Therefore, the current descending wedge appears as a healthy pause ahead of another upward spree.
As Ali Martinez puts it, $SUI is experiencing a cautiously optimistic market sentiment. While the current price of $SUI stands at $1.78 amid consolidation, the wider bullish flag pattern raises the possibility of a massive bull run to $2.29. However, whether this price projection translates into reality or not remains to be seen.
