Crypto Market Corrects as Bitcoin Falters; SUI Price Poised for $3 Surge Amid DeFi Growth
The cryptocurrency market extended its recent correction during Friday’s U.S. trading session, with Bitcoin continuing to struggle near the crucial $70,000 resistance level. This bearish momentum has dampened the recovery trajectory of several leading altcoins. Nevertheless, analysts suggest that the SUI token has entered a prime range for Dollar-Cost Averaging (DCA), creating an attractive entry point for long-term investors.
Over the past day, SUI price declined by 2%, settling at $1.89, while its market cap remains steady at $5.24 billion. The price action reflects a bearish pullback within a continuation pattern, potentially signaling a future upward trend.
SUI Price Set for $3? Analyst Reveals Ideal DCA Zone
In a recent analysis, crypto expert Suipiens.su shared insights on what they call the “Perfect Zone” for dollar-cost averaging into SUI. A detailed chart shared by the analyst highlights SUI’s movement between two rising trendlines, indicating the formation of a broadening wedge pattern.
This pattern, characterized by diverging trendlines, often suggests market indecision and an equilibrium between buyer and seller activity. At the time of writing, SUI’s price hovered around $1.87 after testing the support of the lower ascending trendline.
Analysts predict this to be the final dip before SUI potentially hits new highs, noting the current support level as a significant area that has held firm since late September. Should the current trend sustain, SUI may break its previous all-time high (ATH) of $2.36 and aim for the $3 mark.
DeFi Adoption Soars as SUI’s TVL Reaches $995.5M
According to data from DeFiLlama, SUI’s Total Value Locked (TVL) has skyrocketed from $313.5 million to an impressive $995.5 million, marking a substantial 217.54% increase over the last quarter. This surge reflects heightened investor confidence and growing adoption of SUI’s DeFi ecosystem.
The influx of capital indicates that a greater number of users are entrusting their assets to SUI-based DeFi protocols, adding weight to the bullish outlook for the token’s recovery.
SUI Price Analysis: Wedge Pattern Signals Possible Breakout
SUI’s price recently experienced a pullback, dropping from $2.35 to $1.85—a 21% decrease over the last 12 days. Analyst CryptoBull360 interprets this drop as forming a falling wedge pattern on the two-hour chart.
In theory, the converging trendlines of a wedge pattern could offer support, allowing buyers to regain momentum. A breakout past trendline resistance, combined with a strong Point of Control (PoC), could mark the beginning of a bullish phase.
However, if sellers continue to defend this resistance, SUI’s current corrective trend could persist, prolonging a bearish outlook for the token.
News
