After a strong start in August, the SUI price struggled to build on its momentum in the second half of the month. The altcoin’s price crashed from a local high of above $4.1, reaching around $3.2 to start the new month of September.
However, the SUI price seems to have found a new lease on life in the past week, increasing by over 4% in the last seven days. Interestingly, the SUI token appears to only be at the beginning of what could be a journey to a new all-time high.
Analyst Predicts SUI To Grow 110% Based On Chart Pattern
In a September 5 post on social media platform X, prominent crypto analyst Ali Martinez shared that it might be time for investors to start loading their bags with SUI tokens. According to the online pundit, the SUI price just bounced back from a level that could see travel to a new high around $7.
This prediction is based on the appearance of an ascending triangle pattern on the daily Bitcoin chart. The ascending triangle is a technical analysis pattern that features an inverse right-angled triangle with a horizontal upper boundary (connecting a series of lower highs) and a diagonal rising lower trendline (connecting the swing lows).
An ascending triangle formation is typically considered a bullish chart pattern, signaling the continuation of the initial upward trend. Nevertheless, this chart pattern can also be viewed as a trend reversal pattern and a bearish sign—usually when the asset’s price breaches below the lower trendline and in the opposite direction of the initial uptrend.
As shown in the highlighted chart, the SUI price did make a move for the lower trendline before bouncing back around the $3.1 level. The altcoin, which seemingly found a major support around this price level, looks set to break the upper horizontal trendline of the triangle.
While Martinez still expects the SUI price to retest the lower trendline one more time before breaking out of this pattern, the final target for the altcoin is set around the $7 mark. The price target for an ascending triangle pattern is usually calculated by adding the vertical distance between the horizontal and lower trendlines to the breakout point.
Going by this method, Martinez puts the target for the SUI at over 110% from the current price point and 30% from the all-time high of $5.8.
SUI Price At A Glance
As of this writing, the price of SUI stands at around $3.38, reflecting an over 2% jump in the past 24 hours.
