SUI pulled back to $0.95 after touching a four-month high of $1.05, but analyst Ali Martinez says a weekly chart signal marks the start of a new bull market. Other traders point to potential further upside, with targets ranging from $1.40 to $2.70.
SUI crossed the $1 psychological level days ago and surged to a four-month high of $1.05. Bears then stepped in and pushed the price down to $0.95, per CoinGecko.
Parabolic SAR flips bullish
Despite the pullback, analyst Ali Martinez says the bull market has already begun. He said that after an 83% drop during the bear market, SUI has flashed one of its most important macro bullish signals: the Parabolic SAR dots have flipped below price on the weekly chart, indicating a shift from a downtrend into a new uptrend.
Martinez isn't new to the trade. Several days earlier, he outlined three reasons the price could reach $1.40, including the Tom DeMark Sequential printing a 13th buy signal in late July, and the SuperTrend indicator also flipping to buy.
Other analysts see more room to run
Trader Lucky argued the token has been screaming NEAR vibes, pointing to its strong development, growing ecosystem, and momentum behind the network. According to Lucky: "Expecting SUI to go on a majestic run from here."
Michael van de Poppe warned SUI may see a correction, as it did, but could then jump toward $1.16 and $1.60 in the coming period.
Crypto With Gopal noted the coin has printed a double bottom on its chart, defending the $0.55-$0.60 zone for the second time, with the neckline sitting near $2.70.
Source: CryptoPotato
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