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Following
SUI SUI has performed strongly recently, with analysts predicting that a new bull market may have begun.
The much-watched altcoin has achieved a 67% gain in the past two weeks, and its price once climbed to a four-month high of about $1.30, before slightly correcting back to $1.15. Several analysts, including Ali Martinez, believe that the bull cycle for SUI may have begun and expect a larger rise in the short term.
Is the "golden cross" signal coming soon?
Martinez pointed out that the asset is on the verge of forming a new "Golden Cross", where the 50-day moving average begins to cross the 200-day moving average. He said this technical pattern is often seen as a significant bullish signal and could mark the beginning of a long-term rally.
The analyst further analyzed that historically, SUI had two golden crosses in December 2023 and October 2024 respectively, which subsequently triggered sharp increases of about 240% and 222% respectively. "If history repeats itself, a similar 230% bull market could push SUI prices towards $4." He added.
This is not the first time Martinez has commented on the asset this month. A few days ago, he pointed out that SUI was showing one of its most important macro bullish signals. Specifically, the dotted symbol of the Parabolic SAR flips below the price on the weekly chart, indicating that the market trend is shifting from a downward trend to a new upward trend.
In previous analysis, he also pointed out three factors that might support the price surge to $1.40: first, the Tom DeMark Sequential Indicator issued its 13th buy signal at the end of July; second, the SuperTrend flipped into a "buy" state; and third, the above-mentioned parabolic turn indicator signal.
The number of active users surpasses mainstream projects, and many parties are optimistic about the future outlook.
Earlier this week, the X platform account MSB Intel disclosed that SUI's daily active users have exceeded NEAR, TON, Arbitrum and Injective. Michael van de Poppe expressed concern, claiming that the asset's growth momentum was far from over.
"The seven-month accumulation of bullish divergences will not be stopped by a single week of rising moments." He concluded.
Other institutions predict
Nehal and Coinvo Trading also expressed their respective views. The former praised SUI for its "alien technology"-like technological capabilities and expected its price to soar and hit a new all-time high of $8. The latter claimed that the asset had formed a "historic breakthrough." Users of the X platform pointed out that previous rounds of market prices have brought triple-digit or even four-digit increases, which makes people wonder how high prices can rise this time.
"This is one of the few altcoins that has been verified over multiple cycles. It has serious team support behind it and has practical application scenarios. It currently ranks first on my watch list." They said.
