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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

SUI Poised For Price Rally? Ascending Channel Suggests Move Toward $2.50

Semilore Faleti
Semilore Faleti
6 months ago
2 mins read
SUI

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SUI was stuck in a choppy price action in the last week, eventually recording a 2.48% loss. Just like the rest of the crypto market, the altcoin has remained largely in consolidation for the past two weeks with little indication of its next price breakout. However, amid this sideways movement, crypto analyst Ali Martinez has identified potential for some significant short-term gains.

Related Reading

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SUI Bulls Test Key Resistance — A Breakout Or Rejection Ahead?

6 months ago

Staying Above $2.26 Is Key To SUI Bullish Structure

In an X post on March 22, Martinez shares a positive technical analysis of the SUI market based on recent price movements on the 4-hour chart. The crypto analyst notes that SUI has been moving within an ascending channel since March 11 and is likely poised for an imminent upswing.

An ascending channel is a popular bullish pattern formed by two parallel trend lines sloping upwards. Both trendlines act as resistance and support keeping an asset’s price within range. Despite this limited price movement, an ascending channel is considered bullish as it indicates a significant buyer’s influence.

SUI
Source: @ali_charts on X

Based on the chart provided by Martinez, SUI has recently retested the support line of its ascending channel at $2.26 showing intentions of an uptrend. Provided that SUI suffers no sudden dip below this support, the crypto analyst projects a rise to around $2.50 representing the resistance (upper trendline) of the ascending channel.

In the presence of a strong market demand, SUI could break out of this ascending channel with an immediate target of $3.0. However, any decisive price fall below $2.26 support could result in prices as low as $1.75.

Related Reading: SUI Ready For 15% Move Amid Key Level Retest – Breakout Or Breakdown Ahead?

SUI Market Overview

The SUI community showed much excitement in the last week as Canary Capital filed an application for a SUI spot ETF with the US Securities and Exchange Commission (SEC). This move followed a trust registration for the proposed fund in Delaware earlier in March. Prospects of a spot ETF are considered highly bullish due to the promise of institutional investment as seen with Bitcoin and Ethereum over the last year.

At the time of writing, SUI was trading at $2.28, reflecting a 0.84% gain in the past day. Meanwhile, the asset’s trading volume has crashed by 31.69% indicating a decline in market participation. Notably, the altcoin is also down by 30.21% on its monthly chart due to a strong bearish influence over the past few weeks.

Nevertheless, SUI remains a major headliner of the current cycle following an impressive price performance between Q4 2024 to early January 2025 where it surged to establish a new all-time high of $5.35. And with the cycle potentially far from over, certain analysts are backing the bullish potential of SUI describing the current downtrend as a good buying opportunity.

SUI
SUI trading at $2.27 on the daily chart | Source: Tradingview.com
Featured image from Boxmining, chart from Tradingview
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Semilore Faleti
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Read more

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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