Despite the recent pullback, many market observers believe the asset is gearing up for a strong rally.
Just a few days ago, SUI crossed the $1 psychological level and surged to a four-month high of $1.05.
Bears then stepped in and pushed the price down to $0.95 (per CoinGecko), but according to popular analyst Ali Martinez, the bull market has already begun.
Why So?
The X user said that after an 83% drop during the bear market, SUI has flashed one of its most important macro bullish signals. Specifically, the Parabolic SAR dots have flipped below price on the weekly chart, indicating a shift from a downtrend into a new uptrend.
“The indicator is designed to identify trend direction and potential reversals, with dots below the price signaling bullish momentum. After such a deep correction, this weekly flip suggests that SUI has finally entered a new bull market,” the analyst claimed.
This isn’t the first time Martinez has touched on the asset this month. Several days ago, he outlined three key reasons why the price can soon reach $1.40. Some of those include the Tom DeMark Sequential, which printed a 13th buy signal in late July, and the SuperTrend indicator, which also flipped to “buy.”
Lucky and Michael van de Poppe have also paid attention to SUI lately. The former argued that the token has been screaming NEAR vibes, highlighting its “strong development, growing ecosystem, and plenty of momentum” behind its network.
“Expecting SUI to go on a majestic run from here,” the X user added.
Michael van de Poppe warned that SUI may experience a correction (as it did), but could then jump toward $1.16 and $1.60 in the coming period.
For his part, Crypto With Gopal noted that the coin has printed a massive double bottom on its chart. He said SUI has defended the $0.55-$0.60 zone for the second time, while the neckline sits near $2.70.
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“A confirmed breakout could signal a major momentum shift. The chart projects a potential move toward $5.00 if the neckline breaks convincingly. Market sentiment: Bullish setup – breakout confirmation is key,” the analyst projected.
Additional Forecasts
Earlier this week, Crypto Tony identified $1.12 as the first bullish target about to be hit, saying he plans to take some profits once the price reaches that level.
KALEO has also been quite vocal on the matter. The analyst first claimed that SUI looks like “it’s finally ready to break out.” Shortly after, they predicted a quick squeeze from $1 to $2, adding that people forget how fast the asset can run once it starts rallying.